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 Peterson Consulting, Inc. Paul J. Yoder and Karen Lange.

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Presentation on theme: " Peterson Consulting, Inc. Paul J. Yoder and Karen Lange."— Presentation transcript:

1  Peterson Consulting, Inc. Paul J. Yoder and Karen Lange

2  Predicated on Proposition 30 passing  $6 billion in trigger cuts (mainly affecting schools) to take effect if Prop. 30 does not pass  Realignment super-structure was included in budget, locking in funding for three years

3  SB 1278 (Wolk) / 1965 (Pan)  AB 1095 (Buchanan)  AB 2000 (Huber)  AB 2421 and AB 2422 (Berryhill)  SB 200 (Wolk)  Work with Delta Coalition  Work with Delta Counties Coalition

4  Special Session expected for later this fall or early 2013 to address Federal Healthcare Reform  Immunization bills

5  As proposed in AB 340, all counties in California are impacted except the City and County of SF, as they are a charter with an independent retirement system  Most features ONLY apply to future employees  share for new employees effective immediately, for existing employees by 2018  Establishes a cap on the amount of compensation that can be used to calculate a retirement benefit ($110,100) for employees who participate in Social Security, or 120% of that limit ($132,120) if they do not participate in Social Security  Prohibits an employer from offering a defined benefit (DB) plan, or combination of DB plans, on compensation in excess of the compensation cap

6  Tightens definition of “new employee”  2% at age 62 for all new non-safety employees, excluding teachers. The earliest an employee would be eligible to retire is age 52 with a 1% factor and the maximum retirement factor of 2.5% is provided at age 67  For public safety: 2% at age 57 (basic plan); 2.5% at age 57 (safety option plan one); and 2.7% at age 57 (safety option plan 2)  Requires that final compensation be defined for all new employees as the highest average annual compensation over a three-year period

7  Eliminates “air-time” and other non-salaried benefits used to increase final compensation  Limits the maximum salary used to calculate retirement to IRS limits  Prohibits post-retirement employment from exceeding 960 hours in a consecutive 12 month period. If a retiree receives unemployment benefits, he or she is prohibited from working for 12 months as a retiree for a public employer  Felons lose their pensions if the felony is committed in the course of their official duties

8  11 initiatives  National election  Funding for realignment protections

9  Questions? Paul J. Yoder and Karen Lange Legislative Advocates Shaw / Yoder / Antwih, Inc. and Peterson Consulting, Inc “L” Street Suite #1000 Sacramento, CA (916)

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