Gov. Schwarzenegger Signs Senate Bill 11 (Negrete McLeod); SBCERA Becomes the State's First Local Fund Eligible to Invest Local Governments' Funds for Other Post-Employment Benefits (OPEB).
SAN BERNARDINO San Bernardino, city, United States
San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Calif. -- Late Sunday Sunday: see Sabbath; week. evening, October 11, 2009, Gov. Schwarzenegger signed Senator Gloria Negrete McLeod's legislation to allow the award-winning San Bernardino County Employees' Retirement Association (SBCERA) to invest local governments' post-employment retiree health care funds.
"I applaud the Governor for signing this bi-partisan legislation that gives local government a viable investment option as they begin to fund their long-term Long-term
Three or more years. In the context of accounting, more than 1 year.
1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contractual obligations to pay for retiree health care," stated Senator McLeod.
Senate Bill 11 is modeled after a recommendation from Governor Schwarzenegger's Public Employee Post-Employment Benefit Commission in December 2006. The legislation does not raise taxes, add regulation, or enhance public employee contractually negotiated retirement healthcare coverage. Instead, it allows SBCERA to take advantage of economies of scale by safely investing retirement and health care funds for multiple public agencies throughout California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). .
It is estimated that state and local government has more than $118 billion in future retiree health care obligations. Senate Bill 11 gives local government a third option when choosing who to invest their funds with. They can now choose to invest with Wall Street, CalPERS, and/or SBCERA. The legislation allows any local government in California to invest in SBCERA's program.
"We are extremely grateful to Senator McLeod for taking a leadership role on this important issue. She has always been an advocate of public employees and the service they perform to make our community strong. The entire San Bernardino County legislative delegation and board of supervisors supported the legislation," stated Ellen Weiser, Chairwoman of SBCERA's Board of Retirement.
The San Bernardino County Employees' Retirement Association (SBCERA) provides its nearly 30,000 members and their beneficiaries with retirement and related benefits and services which they have earned, commensurate com·men·su·rate
1. Of the same size, extent, or duration as another.
2. Corresponding in size or degree; proportionate: a salary commensurate with my performance.
3. with their years of service and compensation. The Board of Retirement's responsibilities and functions are governed gov·ern
v. gov·erned, gov·ern·ing, gov·erns
1. To make and administer the public policy and affairs of; exercise sovereign authority in.
2. by the applicable provisions of the California Government Code, along with the bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management.
Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an and regulations of SBCERA.