Public Employees\u27 Retirement Systems.

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 Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: • Unknown fiscal effect from giving public pension boards complete authority over assets and administration of the systems. • Potential costs to employers as a result of public pension system giving highest priority to providing benefits to members and their beneficiaries. • Annual savings of $1 million to $3 million to the state\u27s Public Employees\u27 Retirement System for actuarial services