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Education Code - EDC - EDC § 26300
Education Code - EDC - EDC § 26300
(a) Within 10 working days following the later of the first day of employment, the date of the employer’s governing board’s action to provide the Cash Balance Benefit Program, or the effective date of the employer’s governing board’s action to provide the Cash Balance Benefit Pro
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Education Code - EDC - EDC § 26301
Education Code - EDC - EDC § 26301
(a) Employers shall report contributions paid on behalf of each participant in each pay period, along with all other information required by the system no later than 10 working days following the last day of the pay period in which the salary was earned, and the report shall be d
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Education Code - EDC - EDC § 26301.5
Education Code - EDC - EDC § 26301.5
Each employer shall deduct from the salary of participants employed by the employer the participant contributions required by this part and shall remit to the system those contributions plus the employer contributions required by this part and Section 44987.
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Education Code - EDC - EDC § 26301.7
Education Code - EDC - EDC § 26301.7
(a) All contributions due to the system by an employer under this part shall be paid by an electronic funds transfer method through an automated clearinghouse as prescribed by the board. This payment requirement is effective upon authorization by the board. (b) For purposes of th
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Education Code - EDC - EDC § 26302
Education Code - EDC - EDC § 26302
(a) If more or less than the contributions required by this part are paid to the plan based on salary paid to a participant, proper adjustment shall be made by the employer within 60 days of discovery or of notification by the system, and any contributions deducted in error from
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Education Code - EDC - EDC § 26303
Education Code - EDC - EDC § 26303
(a) Employers shall transmit to the plan the employee contributions and employer contributions with respect to the Cash Balance Benefit Program for salary paid to each participant during the pay period no later than 10 working days following the last day of the pay period in whic
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Education Code - EDC - EDC § 26303.5
Education Code - EDC - EDC § 26303.5
A person or entity that reports directly to the system that is assessed a penalty or interest pursuant to Section 26301 or 26303 may appeal the assessed penalty or interest using the appeals process established pursuant to Section 22219.
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Education Code - EDC - EDC § 26303.7
Education Code - EDC - EDC § 26303.7
Penalties and interest due to the system pursuant to Section 26301 or 26303 are additional required contributions that, when received, shall be deposited to the Teachers’ Retirement Fund and treated in the same manner as other contributions.
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Education Code - EDC - EDC § 26304
Education Code - EDC - EDC § 26304
An employer shall provide timely notice to the system of the employment, death, or termination of employment of a participant.
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Education Code - EDC - EDC § 26305
Education Code - EDC - EDC § 26305
Upon request of the system, an employer shall provide the system with information regarding the salary paid or to be paid to employees subject to coverage by the Cash Balance Benefit Program in a plan year. The information may include, but shall not be limited to, employment cont
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Education Code - EDC - EDC § 26306
Education Code - EDC - EDC § 26306
(a) Upon request by the system, a participant or beneficiary with respect to the Cash Balance Benefit Program shall provide to the system any information affecting his or her status as a participant or beneficiary. (b) Upon request by the system, the participant shall provide pro
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Education Code - EDC - EDC § 26400
Education Code - EDC - EDC § 26400
(a) (1) Any person who is not already a member of the Defined Benefit Program and who is employed to perform creditable service by an employer that provides the Cash Balance Benefit Program shall become a participant in the Cash Balance Benefit Program for creditable service perf
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Education Code - EDC - EDC § 26401
Education Code - EDC - EDC § 26401
(a) (1) A member of the Defined Benefit Program who is employed by an employer that provides the Cash Balance Benefit Program may elect to become a participant of the Cash Balance Benefit Program for creditable service performed for that employer if all employment to perform cred
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Education Code - EDC - EDC § 26403
Education Code - EDC - EDC § 26403
(a) A person who performs trustee service for an employer who has elected to provide benefits pursuant to this part to its employees may elect to participate in the Cash Balance Benefit Program for that service. (1) The election shall be made in writing on a properly executed for
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Education Code - EDC - EDC § 26500
Education Code - EDC - EDC § 26500
Acceptance of employment subject to coverage by the Cash Balance Benefit Program constitutes consent to have contributions deducted from the employee’s salary as required by Section 26501.
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Education Code - EDC - EDC § 26501
Education Code - EDC - EDC § 26501
Except as provided in Section 26504, the participant shall contribute an amount equivalent to 4 percent of salary.
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Education Code - EDC - EDC § 26501.5
Education Code - EDC - EDC § 26501.5
A person who elects, pursuant to Section 26403, to participate in the Cash Balance Benefit Program shall make contributions, as provided in Section 26501, based on his or her salary or other compensation earned for trustee service.
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Education Code - EDC - EDC § 26502
Education Code - EDC - EDC § 26502
Notwithstanding Section 26301.5, the employer may pick up, for the sole purpose of and in accordance with the requirements of Section 414(h)(2) of Title 26 of the United States Code and Section 17501 of the Revenue and Taxation Code, all of the amounts otherwise due as employee c
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Education Code - EDC - EDC § 26503
Education Code - EDC - EDC § 26503
Except as provided in Sections 26504 and 26507, the employer shall contribute an amount equivalent to 4 percent of salary for each participant employed by the employer.
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Education Code - EDC - EDC § 26503.5
Education Code - EDC - EDC § 26503.5
If a person elects, pursuant to Section 26403, to participate in the Cash Balance Benefit Program, his or her employer shall make contributions, as provided in Section 26503, based on the salary or other compensation paid for trustee service. For a participant subject to the Cali
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Education Code - EDC - EDC § 26504
Education Code - EDC - EDC § 26504
The employer may enter into a collective bargaining agreement to pay a different employer contribution rate and a different employee contribution rate, provided all of the following conditions are met: (a) The sum of the employee contributions and employer contributions for each
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Education Code - EDC - EDC § 26506
Education Code - EDC - EDC § 26506
(a) Except as provided in subdivision (b), participants shall not make voluntary pretax or post-tax contributions into the Cash Balance Benefit Program, nor shall participants redeposit amounts previously distributed from employee accounts or employer accounts. (b) Pursuant to te
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Education Code - EDC - EDC § 26507
Education Code - EDC - EDC § 26507
(a) The board may adjust the mandatory employer contribution rate specified under Section 26503 for a fixed period of plan years when it has determined based upon the recommendation of the actuary, that increased contributions are required. The adjustment shall not exceed one-fou
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Education Code - EDC - EDC § 26600
Education Code - EDC - EDC § 26600
All contributions based on salary earned by a participant, together with amounts credited under the minimum interest rate and additional earnings credit amounts, shall be treated as credits to individual accounts in the name of the participant. These accounts shall be nominal acc
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Education Code - EDC - EDC § 26601
Education Code - EDC - EDC § 26601
All employee contributions and interest credited under the minimum interest rate and additional earnings credits in respect of those contributions shall be treated as credits to the participant’s employee account.