California Education Code 22460 – (a) If a member terminates employment with less than five years …
(a) If a member terminates employment with less than five years of credited service, the employer shall notify the member of the following:
(1) That unless the member is eligible, or becomes eligible in the future, for concurrent retirement pursuant to paragraph (2) of subdivision (a) of Section 24201, the member is eligible only for a refund of accumulated retirement contributions under the Defined Benefit Program and the return of the member’s accumulated Defined Benefit Supplement account balance.
Terms Used In California Education Code 22460
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(2) The current rate of interest that shall be earned on accumulated retirement contributions that are not refunded and the current minimum interest rate that shall be applied to the member’s Defined Benefit Supplement account.
(3) Actions that may be taken by the board if accumulated retirement contributions are not refunded under the Defined Benefit Program and the member’s Defined Benefit Supplement account balance is not returned.
(b) Employers shall transmit to a member who terminates employment with less than five years of credited service the information specified in subdivision (a) as part of the usual separation documents.
(Repealed and added by Stats. 2000, Ch. 1021, Sec. 17. Effective January 1, 2001.)