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Education Code - EDC - EDC § 26602
Education Code - EDC - EDC § 26602
All employer contributions on behalf of the participant 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 employer account.
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Education Code - EDC - EDC § 26603
Education Code - EDC - EDC § 26603
(a) All employee contributions shall be credited to employee accounts and all employer contributions shall be credited to employer accounts effective as of the day contributions are required to be transmitted to the plan pursuant to subdivision (a) of Section 26303. (b) This sect
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Education Code - EDC - EDC § 26604
Education Code - EDC - EDC § 26604
(a) Beginning June 1, 1996, prior to the Cash Balance Plan becoming effective, and prior to the beginning of each plan year thereafter, the board, by plan amendment with respect to the Cash Balance Benefit Program, shall declare the minimum interest rate for crediting employee ac
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Education Code - EDC - EDC § 26605
Education Code - EDC - EDC § 26605
In the event that the total amount of investment earnings of the plan for any plan year exceeds the sum of the total amount required to credit all employee and employer accounts at the minimum interest rate for the plan year plus the administrative costs of the plan for the plan
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Education Code - EDC - EDC § 26606
Education Code - EDC - EDC § 26606
Any additional earnings credit declared shall be determined as a specified percentage increase in the closing balance of each employee account and employer account with respect to the Cash Balance Benefit Program measured as of the last day of the plan year. The additional earnin
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Education Code - EDC - EDC § 26607
Education Code - EDC - EDC § 26607
(a) The board may declare by means of plan amendment with respect to the Cash Balance Benefit Program an additional annuity credit applicable to annuities being paid under the Cash Balance Benefit Program. (b) The declaration authorized by subdivision (a) may be made only when th
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Education Code - EDC - EDC § 26700
Education Code - EDC - EDC § 26700
A participant has a vested right to a retirement benefit equal in amount to the total balance of credits in his or her employee account and employer account. The right accrues when a person becomes a participant.
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Education Code - EDC - EDC § 26701
Education Code - EDC - EDC § 26701
The right of a participant to a benefit under this part, whether by lump sum or annuity, is not subject to execution or any other process whatsoever, except to the extent permitted by Section 704.110 of the Code of Civil Procedure, and is unassignable except as specifically provi
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Education Code - EDC - EDC § 26702
Education Code - EDC - EDC § 26702
(a) For the purpose of payments into or out of the fund for adjustments of errors or omissions with respect to the Cash Balance Benefit Program, the period of limitation shall be applied as follows: (1) No action may be commenced by or against the board, the system, or the plan m
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Education Code - EDC - EDC § 26703
Education Code - EDC - EDC § 26703
The signature of the spouse of a participant shall be required on a designation of beneficiary form, an election, change, or termination of an annuity, or an application for a retirement benefit, disability benefit, or termination benefit under this part, unless the participant d
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Education Code - EDC - EDC § 26704
Education Code - EDC - EDC § 26704
If a spouse refuses to sign a beneficiary designation, an election, change, or termination of an annuity, or an application for a retirement benefit, disability benefit, or termination benefit payable under this part, the participant may bring an action in court to enforce the sp
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Education Code - EDC - EDC § 26800
Education Code - EDC - EDC § 26800
The normal retirement age for the Cash Balance Benefit Program is 60 years of age, or 62 years of age for a participant subject to the California Public Employees’ Pension Reform Act of 2013.
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Education Code - EDC - EDC § 26801
Education Code - EDC - EDC § 26801
Except as provided under Section 26802, a participant’s retirement date shall not be earlier than either the date on which the participant attains 55 years of age or the first day of the month in which an application is received at the system’s headquarters office, whichever is l
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Education Code - EDC - EDC § 26802
Education Code - EDC - EDC § 26802
Distribution of the retirement benefit under this part shall commence no later than the required beginning date specified in subdivision (c) of Section 26004.
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Education Code - EDC - EDC § 26803
Education Code - EDC - EDC § 26803
(a) All creditable service subject to coverage by the Cash Balance Benefit Program and the Defined Benefit Program, which does not include retired member activities as defined in Section 22164.5 or retired participant activities as defined in Section 26135.7, shall be terminated
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Education Code - EDC - EDC § 26804
Education Code - EDC - EDC § 26804
Application for a retirement benefit under this part shall be made on a form prescribed by the system. A participant who files an application for a retirement benefit may change or cancel the retirement application if all of the following are met: (a) The form provided by the sys
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Education Code - EDC - EDC § 26805
Education Code - EDC - EDC § 26805
The retirement benefit under this part is a benefit payable in the event of retirement that is an amount equal to the sum of the employee account and the employer account as of the retirement date.
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Education Code - EDC - EDC § 26806
Education Code - EDC - EDC § 26806
(a) The normal form of retirement benefit under this part is a lump-sum payment. Upon distribution of the lump-sum payment to the participant, no further benefits shall be payable from the plan with respect to the Cash Balance Benefit Program. (b) The lump-sum payment in subdivis
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Education Code - EDC - EDC § 26807
Education Code - EDC - EDC § 26807
(a) Upon application for a retirement benefit under this part, the participant may elect to receive the retirement benefit in the form of an annuity, provided the sum of the employee account and employer account equals or exceeds three thousand five hundred dollars ($3,500). (b)
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Education Code - EDC - EDC § 26807.5
Education Code - EDC - EDC § 26807.5
(a) Upon application for a retirement benefit under this part, the participant may elect to receive the retirement benefit as an annuity payable in monthly installments, provided the sum of the employee account and employer account equals or exceeds three thousand five hundred do
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Education Code - EDC - EDC § 26807.6
Education Code - EDC - EDC § 26807.6
(a) A participant who retired and elected an annuity pursuant to Section 26807 may elect to change annuities, subject to all of the following: (1) A participant who elected a single life annuity with or without a cash refund feature or a period certain annuity may not change his
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Education Code - EDC - EDC § 26807.7
Education Code - EDC - EDC § 26807.7
(a) A participant who retired and elected a beneficiary annuity pursuant to Section 26807.5 and designated his or her same-sex spouse or same-sex former spouse as annuity beneficiary may elect to change his or her annuity subject to all of the following: (1) A participant who ele
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Education Code - EDC - EDC § 26808
Education Code - EDC - EDC § 26808
(a) The annuity elected under this chapter shall be determined as a value actuarially equivalent to the sum of the employee account and the employer account as of the retirement date. The annuity shall be calculated using the age of the participant and, if the participant elected
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Education Code - EDC - EDC § 26809
Education Code - EDC - EDC § 26809
Upon election of an annuity under this part, the credits in the participant’s employee account and employer account shall be transferred to the Annuitant Reserve.
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Education Code - EDC - EDC § 26810
Education Code - EDC - EDC § 26810
(a) A participant who is employed to perform creditable service subject to coverage by the Cash Balance Benefit Program while receiving an annuity under the program may terminate the annuity upon written request to the system, effective upon a date designated by the participant,