S.B. 658: COMMITTEE SUMMARY EARLY RETIREMENT REGULATIONS
Senate Bill 658
Sponsor: Senator Dave Honigman Committee: Local, Urban and State Affairs
Date Completed: 10-16-95
The bill would create the “Regulation of Early Retirement Benefits Act” to prohibit an elected public official, who was a participant of a retirement system by virtue of holding that elective office, from retiring under that retirement system before the date that the elected official was eligible to retire under the normal retirement provisions or the disability retirement provisions of that retirement system. The bill specifies that this provision would apply, beginning on the bill’s effective date, notwithstanding any other provision of law, rule, ordinance, or resolution to the contrary.
The bill is tie-barred to Senate Bills 245 through 249, which would amend various Acts to prohibit an elected public official, who was a member of a retirement system or a pension or retirement benefit plan established under one of the Acts, from retiring before the date that he or she was eligible to retire under the normal retirement provisions or the disability retirement provisions of the particular Act.
Legislative Analyst: L. Arasim
The bill would have no fiscal impact on State or local government. Normal retirement benefits are prefunded; therefore, the funds necessary to pay the normal retirement benefits have been paid in the past and thus require no additional State or local appropriations.
Fiscal Analyst: J. Carrasco
S9596\S658SA
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
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