Education Code - EDC - EDC § 26400

Summary

(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

Text

(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 performed for that employer if the person is not excluded from participation pursuant to Section 22601 and all employment to perform creditable service for that employer meets either of the following conditions:
(A)
The person is employed by an employer, excluding a community college district, to perform creditable service on a part-time basis for less than 50 percent of the
time the employer requires for the full-time position, or on a substitute, part-time hourly or part-time daily basis.
(B)
The person is employed by a community college district to perform creditable service on a temporary basis pursuant to Section 87474, 87478, 87480, 87481, 87482, or 87482.5.
(2)
Participation shall begin as of the first day of employment or the effective date of the employer’s governing board’s action to provide the Cash Balance Benefit Program, whichever is later.
(b)
If the employer’s governing board’s action to provide the Cash Balance Benefit Program gives employees the right to elect coverage by the federal Social Security Act or an alternative retirement plan offered by the employer in addition to
the Cash Balance Benefit Program, the employee may elect coverage by the federal Social Security Act or the alternative retirement plan in lieu of participating in the Cash Balance Benefit Program.
(1)
The election shall be made in writing on a properly executed form prescribed by the system and filed with the employer within 60 calendar days after the first day of employment, or 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 Program, whichever occurs later.
(2)
The election form shall be received at the system’s headquarters office within 60 calendar days after the date of the employee’s signature. The employer shall retain a copy of the signed election form.
(3)
The election shall become effective as of the first day of employment or the effective date of the employer’s governing board’s action to provide the Cash Balance Benefit Program, whichever occurs later.
(c)
If the employer’s governing board subsequently provides coverage by the federal Social
Security Act, a person who becomes a participant in the Cash Balance Benefit Program pursuant to subdivision (a) may elect coverage by the federal Social Security Act in lieu of participating in the Cash Balance Benefit Program.
(1)
The election shall be made in writing on a properly executed form prescribed by the system and filed with the employer within 60 calendar days after the date of the employer’s governing board’s action to provide coverage by the federal Social Security Act or the effective date of the employer’s governing board’s action to provide coverage by the federal Social Security Act, whichever occurs later.
(2)
The election form shall be received by the system’s headquarters office within 60 calendar days after the date of the employee’s signature. The employer shall retain a copy of the signed election form.
(3)
The election shall become effective as of the effective date of the employer’s governing board’s action to provide coverage by the federal Social Security Act.
(d)
If the governing board of an employer provided federal Social Security Act coverage with an effective date prior to January 1, 2007, and the employer offered the Cash Balance Benefit Program as of the effective date of the governing board’s action to provide federal Social Security Act coverage, a participant who was performing creditable service for
that employer may elect to be covered by the federal Social Security Act in lieu of the Cash Balance Benefit Program. The participant’s election shall be made on or after March 1, 2008, and on or before May 1, 2008. The election to participate in the federal Social Security Act shall be effective on July 1, 2008.
(e)
An election made pursuant to subdivision (b), (c), or (d) shall not preclude an employee from electing to participate in the Cash Balance Benefit Program for creditable service performed for that employer at a later date if the employer still provides the Cash Balance Benefit Program and the employee is eligible for participation as described in paragraph (1) of subdivision (a).
(1)
The election shall be made in writing on a properly executed form prescribed by the
system and filed with the employer.
(2)
The election form shall be received by the system’s headquarters office within 60 calendar days after the date of the employee’s signature and prior to the submission of contributions. The employer shall retain a copy of the signed election form.
(3)
The election shall be effective no earlier than the first day of the pay period in which the election is made and may not be canceled.

Retrieval chunks

• #1 | 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 performed for that employer if the person…

• #2

  If the employer’s governing board subsequently provides coverage by the federal Social Security Act, a person who becomes a participant in the Cash Balance Benefit Program pursuant to subdivision (a) may elect coverage by the federal Social Security Act in lieu of participating in the Cash Balance Benefit Program. (…

• #3

  The election form shall be received by the system’s headquarters office within 60 calendar days after the date of the employee’s signature and prior to the submission of contributions. The employer shall retain a copy of the signed election form. (3) The election shall be effective no earlier than the first day of t…