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California Proposition 162, Public Employee Retirement Benefits Initiative (1992)
| California Proposition 162 | |
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| Election date |
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| Topic Public employee retirement funds |
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| Status |
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| Type Initiated constitutional amendment |
Origin |
California Proposition 162 was on the ballot as an initiated constitutional amendment in California on November 3, 1992. It was approved.
A “yes” vote supported giving the board of a public employee retirement system the sole ability to make decisions over the system, requiring the prompt delivery of benefits, and prohibiting making changes to the board without voter approval. |
A “no” vote opposed giving the board of a public employee retirement system the sole ability to make decisions over the system, requiring the prompt delivery of benefits, and prohibiting making changes to the board without voter approval. |
Election results
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California Proposition 162 |
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| Result | Votes | Percentage | ||
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5,066,530 | 51.00% | ||
| No | 4,867,681 | 49.00% | ||
Text of measure
Ballot summary
The ballot summary for this measure was:
| “ | PUBLIC EMPLOYEES' 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's 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's 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's Public Employees' Retirement System for actuarial services. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
In California, the number of signatures required for an initiated constitutional amendment is equal to 8 percent of the votes cast at the preceding gubernatorial election. For initiated amendments filed in 1992, at least 615,958 valid signatures were required.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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