Governor Arnold Schwarzenegger recently signed into law a measure that will give counties the authority to offer a more competitive benefit to employees that manage monies on behalf of retirement plan members, said Assembly Member Wilmer Amina Carter (D-Rialto), who carried the bill with bi-partisan support through the legislative process.
Assembly Bill 1963 will enable investment staff to defer a portion of incentive compensation until retirement, said Timothy B. Barrett, CFA, Executive Director/Chief Investment Officer of San Bernardino Employees' Retirement Association. "The ability to attract and retain qualified staff is paramount to any organization's success,"
Currently, counties that operate under The County Employees Law of 1936, have the authority to disburse performance-based bonuses only in the year they are earned, which may subject investment employees to substantial tax penalties.
"County retirement systems are constantly in competition with the private sector for talent. The assets of all of our retirement systems will grow in the coming years and we want to give our counties the ability to recruit and retain the best and brightest," said Assembly Member Carter, who represents Assembly District 62 in San Bernardino County.
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