California Government Code 31674 – The service retirement annuity is an annuity which is the actuarial …
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The service retirement annuity is an annuity which is the actuarial equivalent of his accumulated contributions at the time of his retirement.
(Added by Stats. 1947, Ch. 424.)
Terms Used In California Government Code 31674
- 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.