It is the intent of the Legislature that the Regents of the University of California provide written notice to the Legislature of any proposed changes to retirement plan benefits, employer or employee contribution rates, or actuarial assumptions affecting the University of California Retirement System, at least 60 days prior to the effective date thereof. The written notice shall be provided to the Joint Legislative Budget Committee and the fiscal subcommittees and shall consist of:
(a)
A description and explanation of each specific proposed change to the benefit structure, contribution rates, or actuarial assumptions.(b)
The actuarial impact upon future annual costs of each proposed change.
Source:
Section 7507.5, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=7507.5..