Public employees’ retirement: administration

The law increases compensation for eligible members of state and county public pension boards. County increases require public notice and approval by the county board of supervisors.

What the law does ​

• Raises pay from $100 to $320 per meeting day for specified appointed members of the Teachers’ Retirement Board.
• Raises pay from $100 to $320 per meeting day or portion of a day for specified Public Employees’ Retirement System board members.
• Lets county retirement boards raise eligible members’ meeting pay to up to $320, subject to public notice and a majority vote of the county board of supervisors.
• Lets Los Angeles County retirement and investment boards raise eligible members’ meeting pay to up to $320, subject to the same public notice and approval requirements.

Who it affects ​

• Specified appointed, public, and retired members of the Teachers’ Retirement Board and Public Employees’ Retirement System board.
• Eligible members of county retirement boards and boards of investment.
• County boards of supervisors, which must publicly notice and approve county compensation increases.

Breakdown ​

Teacher Retirement Board Pay ​

This part of AB 1619 raises the payment certain Teachers’ Retirement Board members receive for attending board and committee meetings. The payment increases from $100 to $320 per meeting.

Key takeaways

• Certain Teachers’ Retirement Board members will receive $320 for attending a board or committee meeting.
• The bill raises the meeting payment from $100 to $320.
• The change applies to the board that administers the State Teachers’ Retirement System and its retirement programs.

PERS Board Meeting Pay ​

The bill increases the payment that eligible PERS board members may receive for attending a board or committee meeting. It raises the amount from $100 to $320 per meeting.

Key takeaways

• Eligible PERS board members may receive up to $320 for attending a board or committee meeting.
• The bill raises the prior meeting payment amount from $100 to $320.
• The change applies to board members whose meeting payments are authorized under existing law.

Retirement Board Member Pay ​

The bill lets county retirement boards raise meeting pay for certain board and committee members from up to $100 to up to $320 per meeting. The higher amount cannot take effect in a county unless the county board of supervisors publicly notices and approves it by majority vote. The same change applies to the Los Angeles County retirement and investment boards.

Key takeaways

• County retirement boards may set compensation for certain members at up to $320 for each board or authorized committee meeting.
• A county cannot use the higher compensation limit unless its board of supervisors publicly notices and approves the change by a majority vote.
• The bill applies this increased limit to boards of retirement and boards of investment covered by the County Employees Retirement Law of 1937.
• For Los Angeles County, the board of retirement or board of investments may raise eligible members’ meeting compensation to up to $320, subject to the same public notice and majority-approval requirement.