SENATE BILL No. 689 Introduced by Senator Tom Harman (R-Huntington Beach)
February 18, 2011
An act to add and repeal Section 7503.1 of the Government Code, relating to public retirement systems. Legislative counsel’s digest:
SB 689, as introduced, Harman. Public retirement systems. Existing law requires all state and local public retirement systems to prepare an annual report in accordance with generally accepted accounting principles. The bill would, until January 1, 2016, require all state and local public retirement systems to file an annual report with the Legislature, the Department of Finance, and the Legislative Analyst’s Office that would include specified information about any retired member who receives a pension of $100,000 or more annually. The bill would express a legislative finding and declaration that to ensure the security of the University of California funds, including retirement funds, it is necessary for this act to apply to the University of California. The bill would also express a legislative finding and declaration that to ensure the statewide integrity of local government, to cultivate an attractive business climate, and to improve the sufficiency of local public safety services, the disclosure of generous pensions paid to public retirees is an issue of statewide concern and not a municipal affair, and that therefore, all cities, including charter cities, would be subject to the provisions of the bill.
More info and the full text of the bill is available at http://blogs.sacbee.com/the_state_worker/2011/02/tom-harman-introduces-pension-bill.html
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