Permits Director of Division of Pensions and Benefits to initiate temporary transfer of funds in certain circumstances.

Summary

The bill would give the Director of the Division of Pensions and Benefits authority to initiate temporary transfers of pension and benefit funds when certain circumstances arise. It is intended to give the state more flexibility in managing its pension cash flow. The measure was introduced by Sen. Teresa Ruiz but was withdrawn after being substituted by Assembly Bill 5330.

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