On Thursday, the Senate Appropriations Committee met and approved AB 2443 (Cooley) with a unanimous vote of 7 to 0 sending the measure to the Senate Floor. AB 2443 seeks to provide JRS II judges with additional options to leave and receive a defined benefit at a cost-neutral impact to the pension fund.
Additionally, this bill clarifies how CalPERS handles a judge’s pension if the judge also has a state employee pension and the aggregate amounts exceed the Internal Revenue Code 415 limit, which is currently $245,000.
While AB 2443 is on the Senate Floor, we are anticipating at least another round of technical and implementation amendments before full vote by the Senate. Once approved by the Senate, the bill must head back to the Assembly for consideration of the Senate’s amendments and be approved by midnight August 31st, as per the California Constitution. Stay tuned for further updates.
Mike Belote & Cliff Costa
CJA Legislative Advocates
