(a) Effective January 1, 2000, a member who elects to receive service credit under Section 21354.1, as authorized by Section 21073.7, for time during which the member received service credit subject to Section 21076 or 21077, shall deposit an amount equal to any accumulated contributions the member withdrew pursuant to Section 20737, plus the interest that would have been credited to the member’s account had the contributions not been withdrawn, and any contributions the member would have made, plus an amount equal to the interest that would have been credited to those contributions, had the member not been subject to Section 21076 or 21077. This deposit shall be made in a lump sum or by installments, with interest through the completion of payments, over that period and subject to minimum payment amounts as may be prescribed by regulations of the board. Alternatively, this deposit requirement may be satisfied by an election to reduce the member’s allowance by the actuarial equivalent of any balance remaining unpaid by the member at the time of retirement or preretirement death.
(b) Any unpaid balance with respect to an election with an effective date on or after January 1, 2020, shall become due and payable at the time of retirement or preretirement death. The member, survivor, or beneficiary shall have his or her allowance reduced by the actuarial equivalent of any balance remaining unpaid by the member.
Terms Used In California Government Code 21073.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(c) The board, in addition to its general rulemaking authority under Section 20121, may adopt regulations that implement this section. Those regulations shall be exempt from review by the Office of Administrative Law. However, the board shall transmit those regulations to the Office of Administrative Law for filing with the Secretary of State and publication in the California Code of Regulations.
(d) The amendments to this section enacted during the first year of the 1999?2000 Regular Session are subject to the limitations set forth in Section 21251.13.
(Amended by Stats. 2018, Ch. 168, Sec. 5. (AB 2196) Effective January 1, 2019. Pursuant to subd. (d), this section is conditionally operative as prescribed in Section 21251.13.)