Education Code - EDC - EDC § 89622

Summary

(a) The state shall contribute to the optional retirement program an amount equal to the employer contribution of the trustees to the Public Employees’ Retirement System, less the amount attributable to the unfunded actuarial obligation of the Public Employees’ Retirement Fund, a

Text

(a)
The state shall contribute to the optional retirement program an amount equal to the employer contribution of the trustees to the Public Employees’ Retirement System, less the amount attributable to the unfunded actuarial obligation of the Public Employees’ Retirement Fund, as determined by the Board of Administration of the Public Employees’ Retirement System, which until June 30, 2016, shall instead be transmitted to the Public Employees’ Retirement System. The Public Employees’ Retirement System shall provide the necessary data processing services and shall charge the providers an administrative fee appropriate to pay the costs of providing those services. The amount currently attributable to the unfunded actuarial obligation of the Public Employees’ Retirement Fund has been determined by the Board of Administration to be 2 percent. The Board of Administration shall, if the employer contribution rate varies from the employer contribution rate in effect on July 1, 1991, by at least plus or minus 5 percent, recalculate the amount attributable to the unfunded actuarial obligation. Thereafter, the Board of Administration shall, whenever the employer contribution rate varies from the employer contribution rate in effect on the effective date of the previous recalculation pursuant to this section by at least plus or minus 5 percent, recalculate the amount attributable to the unfunded actuarial obligation. The trustees and the providers of optional retirement programs shall provide the Public Employees’ Retirement System with any personnel data needed for the recalculation.
(b)
Participants shall contribute to the optional retirement program an amount equal to the contribution required of employees pursuant to Sections 20600 and 20603 of the Government Code.
(c)
Contributions required by subdivision (b) may be made by a reduction in salary in accordance with any applicable provision of the Internal Revenue Code. Payment of contributions authorized or required by this section shall be made by the Controller to the appropriate program administrator.
(d)
Notwithstanding Section 13340 of the Government Code, there is hereby continuously appropriated from the General Fund monthly to the trustees the state’s contribution prescribed in subdivision (a).

Retrieval chunks

• #1 | Education Code - EDC - EDC § 89622

  (a) The state shall contribute to the optional retirement program an amount equal to the employer contribution of the trustees to the Public Employees’ Retirement System, less the amount attributable to the unfunded actuarial obligation of the Public Employees’ Retirement Fund, as determined by the Board of Administr…