California SB853 modifies public retirement systems to align with specific benefit formulas and contribution rates.

California SB853 amends various sections of the Government and Education Codes to modify public retirement systems. It applies to all state and local public retirement systems, including the Public Employees’ Retirement System and the State Teachers’ Retirement System. The bill mandates that public employers modify their retirement plans to comply with the new requirements, including adopting specific defined benefit formulas and contribution rates. It also outlines procedures for recovering overpayments and handling errors in retirement benefit calculations.

California SB853 modifies public retirement systems to align with specific benefit formulas and contribution rates.

California SB853 amends various sections of the Government and Education Codes to modify public retirement systems. It applies to all state and local public retirement systems, including the Public Employees’ Retirement System and the State Teachers’ Retirement System. The bill mandates that public employers modify their retirement plans to comply with the new requirements, including adopting specific defined benefit formulas and contribution rates. It also outlines procedures for recovering overpayments and handling errors in retirement benefit calculations.