California Government Code 31639.26 – Instead of the normal rates of contribution required by Section …
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Instead of the normal rates of contribution required by Section 31639.25 the board may, upon actuarial advice, establish a single rate of contributions applicable to all persons becoming members after this section is made operative in that county by the board. However, this rate shall be such as to provide the average annuity described in Section 31639.25.
(Amended by Stats. 1973, Ch. 99.)
Terms Used In California Government Code 31639.26
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- County: includes city and county. See California Government Code 19