Assembly Bill 1576 (Lanterman – 1959)
Chapter 1183, Statutes of 1959 - AB 1576
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Government Code section 31592 was amended, and sections 31592.2 and 31727.6 added to the Government Code in 1959 following legislative passage of Assembly Bill 1576. (See Exhibit #1d) Assembly member Frank Lanterman introduced the bill on February 20, 1959 at the request of the Los Angeles County Treasurer. (See Exhibits #1a and #4, document PE-2) The request was in response to a recommendation made to resolve local financial difficulties from the State Association of County Retirement System Administrators. (See Exhibit #4, documents PE-2, PE-6, and PE-7)
While before the Legislature, Assembly Bill 1576 was heard by the Assembly Committee on Municipal and County Government and the Senate Committee on Local Government. (See Exhibit #2) This bill was amended twice as it was considered by the Legislature. (See Exhibits #1b, #1c, and #2) After Legislative approval, the bill was forwarded to the Governor for his signature. (See Exhibit #2) Governor Edmund G. Brown signed Assembly Bill 1576 on June 24, 1959, becoming Chapter 1183 of the Statutes of 1959. (See Exhibits #1d and #2)
Neither of the committees hearing this bill nor its author have left documentation surviving upon its consideration. Given these circumstances, we found that the post-enrollment legislative bill file for the Governor regarding this legislation provided the most useful documents. (See generally, Exhibit #4) Through the materials located in the Governor’s file we are able to gain some insight into the intent of the legislation. The information in these materials was presumably presented to the legislature by the writers who were participants in the legislative process. (Id.)
The Governor’s file contained the Legislative Counsel’s analysis of Assembly Bill 1576 which described the bill, in part, as follows:
Provides that earnings of retirement fund, rather than interest earned, during any year in excess of total interest credited to reserves, as well as to contributions, during such year shall remain in fund as a reserve against deficiencies in interest earnings in other years, losses on investments and other contingencies, except that in counties subject to fixed benefit formula where such surplus is in excess of 1 percent of the total assets of the retirement system the board may transfer it into county advance reserves.(See Exhibit #4, document PE-1)