Public Employees\u27 Retirement Systems. Initiative Constitutional Amendment.

PUBLIC EMPLOYEES\u27 RETIREMENT SYSTEMS. INITIATIVE CONSTITUTIONAL AMENDMENT. Grants the board of a public employee retirement system sole and exclusive authority over investment decisions and administration of the system. Requires board to administer system so as to assure prompt delivery of benefits to participants and beneficiaries. Provides that board\u27s duty to participants and beneficiaries takes precedence over any other duty. Grants board sole and exclusive power to provide for actuarial services. Prohibits changing number, terms, and method of selection or removal of members of board without approval of voters of the jurisdiction in which participants of the retirement system are employed. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would have an undetermined effect on contributions made by state and local agencies to the Public Employees\u27 Retirement System due to the shift of responsibility for actuarial services from the Governor to the retirement system. That shift could also save those state and local agencies about $3 million annually in staff costs. Electoral ratification of the composition of retirement boards could result in minor costs