California SB443 amends retirement plan rules for joint powers authorities formed after January 1, 2013.

California SB443 amends the Government Code to modify retirement plan rules for joint powers authorities formed after January 1, 2013. It allows these authorities to offer defined benefit plans or formulas to employees that conform to the requirements of the Public Employees’ Pension Reform Act of 2013. New members can only participate in plans that meet these requirements. The bill also specifies that certain entities are exempt from these changes unless they continue to participate in state-governed retirement systems.

California SB443 amends retirement plan rules for joint powers authorities formed after January 1, 2013.

California SB443 amends the Government Code to modify retirement plan rules for joint powers authorities formed after January 1, 2013. It allows these authorities to offer defined benefit plans or formulas to employees that conform to the requirements of the Public Employees’ Pension Reform Act of 2013. New members can only participate in plans that meet these requirements. The bill also specifies that certain entities are exempt from these changes unless they continue to participate in state-governed retirement systems.