The Governor signed Assembly Bill 340 (“AB 340”) on September 12, 2012, and the new law will bring changes to California’s public retirement systems. AB 340, formerly known as the California Public Employees’ Pension Reform Act of 2013, applies to public retirement systems, with the exception of the University of California system and charter cities and counties. The major changes mandated by AB 1340 are set out below. However, this bill is highly technical and contains multiple ambiguities.
Read our Legal Alert for a general update. Specific questions regarding the impact of the new legislation should be addressed on a case by case basis.