Senate Bill 650 (Russell – 1983)
Chapter 886, Statutes of 1983 - SB 650
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Government Code sections relating to the County Employees Retirement Law of 1937 were affected in 1983 following legislative passage of Senate Bill 650 in 1983. (See Exhibit #1e) Senator Newton Russell introduced this legislation on February 28, 1983. (See Exhibit #1a)
The Senate Committee on Public Employment and Retirement and the Assembly Committee on Finance and Insurance considered the policy issues of Senate Bill 650. (See Exhibits #3 and #6) The measure was also assigned to the Senate Committee on Finance and the Assembly Committee on Ways and Means which examined its fiscal ramifications. (See Exhibits #2 and #8)
The measure was amended three times before being approved by both Houses. (See Exhibits #1b through #1d) Governor George Deukmejian signed Senate Bill 650 on September 18, 1983, and it was recorded by the Secretary of State on September 19, 1983 as Chapter 886 of the Statutes of that year. (See Exhibits #1e and #2)
A description of Senate Bill 650 as it was last amended on August 29, 1983 was provided as follows in the Third Reading analysis of the Senate Republic Caucus:
This bill allows counties which are members of the County Employees’ Retirement Law of 1937 to adopt certain alternative financial and administrative provisions relating to actuarial assumptions, distribution of investment earnings and new fiduciary standards.(See Exhibit #10, page 1)