Public employees' retirement: postretirement death benefits.

The Public Employees' Retirement Law requires that, upon the death of any state or school member after retirement and while receiving a retirement allowance, the sum of $2,000 be paid to the member's designated beneficiary, as specified. Existing law provides that the additional employer contributions required to fund this benefit be computed as a level percentage of member compensation, and these are deposited in the Public Employees' Retirement Fund, a continuously appropriated fund. This bill would increase the amount of that payment to $6,163 with respect to those school members. By providing for funds in the Public Employees' Retirement Fund to be spent for a new purpose, and by increasing contributions to that fund, this bill would make an appropriation.