Bill > S1391

This bill authorizes the State Board of Retirement to grant "creditable service" to John A. Giannini, which refers to the years of public employment that count towards calculating his retirement benefits, specifically his "superannuation retirement allowance" (a retirement allowance based on age and years of service). This service credit will cover the years 1989 through 1997, and it is being granted "in order to promote the public good," meaning it's considered beneficial for public service reasons. To receive this creditable service, Mr. Giannini must pay into the state employees' retirement system an amount equivalent to what would have been deducted from his salary during those years, plus "regular interest" (a standard rate of return on contributions), based on his salary rate immediately before that period. The payment can be made in a lump sum or installments as determined by the board.