SB 443: Retirement: joint powers authorities.

The proposed legislation allows a joint powers authority to provide a defined benefit plan or formula to employees who are not new members under the Public Employees' Pension Reform Act of 2013. A joint powers authority formed by the Pajaro Regional Flood Management Agency can select a defined benefit plan or formula offered by one of its member agencies prior to the exercise of a common power and designate it for its employees. This plan or formula must be selected on or before April 1, 2026, and can be offered to employees who are not new members under the Public Employees' Pension Reform Act of 2013 and are employed by the joint powers authority within 180 days. The legislation does not exempt new employees or new members from the requirements of the Public Employees' Pension Reform Act of 2013. Additionally, the legislation allows a joint powers authority to offer defined benefit pl…