Public employees' retirement: additional retirement service credits.

The Public Employees' Retirement Law calculates service retirement allowances, in part, based on years of credited service. Members of the Public Employees' Retirement System may receive service credit for public service not otherwise subject to credit, upon payment of specified additional contributions. Existing law authorizes specified members of that system, including employees or officers of the state, the university, a school employer, or a contracting agency and certain legislative employees, to elect to make additional contributions and receive up to 5 years of additional retirement service credit, as defined, subject to specified limitations. This bill would require the Board of Administration of the Public Employees' Retirement System to prepare a report on its study of members who have purchased additional retirement service credit, as specified, which was prepared as part of its systemwide actuarial investigation, and to file that report with specified committees of the Legislature, the Director of Finance, the Director of the Department of Personnel Administration, and the Legislative Analyst by February 1, 2010.