SECTIONS 10600-10606 - California Statutes

GOVERNMENT CODE

SECTION 10600-10606

10600. The Legislature finds that the retirement of officers and
employees of the state, school districts, and many cities, counties,
and public jurisdictions in the state, is provided under several
independently administered and highly complex and technical statutes,
and that development and change in such systems are interrelated and
have important long-range implications both with respect to cost and
to the rights of public employees. The Legislature recognizes the
need of coordination of such change and development and for
continuing study and analysis of such systems and legislation
affecting them. The Legislature also recognizes the need to recommend
legislation to change employers' and employees' contributions
through increased portfolio yield.
Therefore, it is the desire of the Legislature to provide for such
continuing study and analysis by a joint legislative committee.

10601. The Joint Legislative Retirement Committee is hereby
created. The committee shall study and review the benefits, programs,
actuarial condition, practices, investments and procedures of, and
all legislation relating to the retirement systems for public
officers and employees in this state and the trends and developments
in the field of retirement. The committee has a continuing existence
and may meet, act, and conduct its business at any place within this
state during the sessions of the Legislature or any recess thereof,
and in the interim period between sessions. A copy of each bill which
affects any public employee retirement system shall be transmitted
to the committee.

10602. The committee shall consist of a member from each of the
following Senate committees: Banking and Commerce, Industrial
Relations, Local Government, Public Employment and Retirement, and
Revenue and Taxation and a member from each of the following Assembly
committees: Finance, Insurance and Commerce, Labor and Employment,
Local Government, Public Employees and Retirement, and Revenue and
Taxation. The members shall be selected in the manner provided for in
the Joint Rules of the Senate and Assembly. The committee shall
elect its own chairman. Vacancies occurring in the membership of the
committee between general sessions of the Legislature shall be filled
in the manner provided for in the Joint Rules of the Senate and
Assembly. A vacancy shall be deemed to exist as to any member of the
committee whose term is expiring whenever such member is not
reelected at the General Election.

10603. The committee is authorized to make rules governing its own
proceedings and to create subcommittees from its membership and
assign to such subcommittees any study, inquiry, investigation, or
hearing which the committee itself has authority to undertake or
hold. The provisions of Rule 36 of the Joint Rules of the Senate and
Assembly relating to investigating committees shall apply to the
committee, and it shall have such powers, duties and responsibilities
as the Joint Rules of the Senate and Assembly shall from time to
time prescribe, and all the powers conferred upon committees by
Section 11, Article IV, of the Constitution.

10604. The committeee shall have authority to appoint and fix the
salary of such professional and other employees as may be necessary.
Funds for the support of the committee shall be provided from the
Contingent Funds of the Assembly and Senate in the same manner that
such funds are made available to other joint committees of the
Legislature.

10605. The committee shall establish a board of experts. The board
of experts shall include: the Controller, the chairpersons of the
investment committees of the Board of Administration of the Public
Employees' Retirement System and the Teachers' Retirement Board, the
presidents of those boards, the executive officers of those systems,
the chiefs of investment of those systems, the chief actuaries of
those systems, the pension managers and treasurers of two
corporations, a manager of a city pension fund, and a manager of a
county pension fund.
The committee shall retain as a consultant to the board of experts
an independent actuary.
The board of experts shall be reimbursed for its actual and
necessary expenses.

10606. There shall be held during the last week of March of each
year a joint meeting of the committee, the board of experts, the
Board of Administration of the Public Employees' Retirement System,
the Teachers' Retirement Board, the executive officers of those
systems, and the State Treasurer, to review the performance of the
systems. The annual reports of those systems and the financial
reports and reports of operations shall be presented at the meeting.
At the meeting, the State Treasurer shall present a review of the
investment practices of the Public Employees' Retirement System and
the State Teachers' Retirement System and shall transmit a copy of
the report to the committee.