Plain English Breakdown
The official source does not provide specific details about the amount of money lawmakers will receive from the new retirement plan.
Legislature: Retirement
This law changes California's rules about how state lawmakers can get retirement benefits, allowing them to join a special retirement plan if they have served since November 1, 2010 and for at least 10 years.
What This Bill Does
- Repeals the rule that stops lawmakers from getting any pension or retirement money except for Social Security after leaving office.
- Requires the Legislature to establish a new retirement system for members elected to or serving in the Legislature on or after November 1, 2010.
- Specifies that a member must serve at least 10 years in the Legislature to be eligible for benefits under this new retirement system.
- Allows lawmakers who served less than 10 years to transfer their service credit to other public employee pension plans.
Who It Names or Affects
- Lawmakers in the California Legislature who have been serving since November 1, 2010
Terms To Know
- Legislature
- The group of people chosen by voters to make laws for a state or country.
- Pension
- Money that someone gets after they stop working, usually because it is time to retire.
Limits and Unknowns
- Does not specify the details of the new retirement system.
- Only affects lawmakers who have been in office since November 1, 2010