reglab/statecodes huggingface dataset:
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26209.

26209. The board may authorize the transfer and disbursement of funds from the Teachers’ Retirement Fund for the purpose of carrying into effect the Cash Balance Benefit Program upon the signature of its chairperson, vice chairperson, the chief executive officer, or any employee of the system designated by the chief executive officer.
(Amended by Stats. 1998, Ch. 1048, Sec. 32. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26210.

26210. The board has exclusive control of the investment of the Retirement Fund with respect to assets attributed to the Cash Balance Benefit Program. In investing the fund, the board and its officers and employees shall exercise their fiduciary duties set forth in Chapter 4 (commencing with Section 22250) and Chapter 6 (commencing with Section 22350) of Part 13.
(Amended by Stats. 1998, Ch. 965, Sec. 251. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26211.

26211. The board shall acquire the services of an actuary to:
(a) Perform an actuarial investigation of the demographic and economic experience of the Cash Balance Benefit Program at least once every four years and make recommendations to the board for the adoption of actuarial assumptions for the program that are, in the aggregate, reasonably related to the past experience of the program and the actuary’s best estimate of the future experience of the program.
(b) Perform an annual actuarial valuation of the assets and liabilities of the plan with respect to the Cash Balance Benefit Program, using the actuarial assumptions adopted by the board.
(c) Recommend to the board all rates and factors necessary to administer the Cash Balance Benefit Program, including, but not limited to, mortality tables, annuity factors, interest rates, additional earnings credits, and employer contribution rates.
(d) Recommend to the board the goal for maintaining a sufficient Gain and Loss Reserve with respect to the Cash Balance Benefit Program, the amount to be transferred to the Gain and Loss Reserve from investment earnings of the plan each year with respect to the Cash Balance Benefit Program, and a strategy for the amortization of any unfunded actuarial obligation.
(e) Recommend to the board transfers of amounts between the Gain and Loss Reserve and the Annuitant Reserve with respect to the Cash Balance Benefit Program.
(f) Perform any other actuarial services that may be required for the administration of the plan with respect to the Cash Balance Benefit Program, as requested by the board.
(Amended by Stats. 1998, Ch. 965, Sec. 252. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26212.

26212. The board shall maintain all data necessary for the actuarial investigation of the demographic and economic experience of the Cash Balance Benefit Program, and for the actuarial valuation of the assets and liabilities of the plan with respect to the Cash Balance Benefit Program.
(Amended by Stats. 1998, Ch. 965, Sec. 253. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26213.

26213. The board shall adopt actuarial assumptions, rates, factors and tables necessary to administer the Cash Balance Benefit Program as an amendment to the plan.
(Amended by Stats. 1998, Ch. 965, Sec. 254. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26214.

26214. (a) Except as provided in subdivision (b), the system shall make available, after the end of the plan year, to each participant having a balance in his or her employee account or employer account, a statement setting forth the balance as of the close of the plan year and amounts credited for the year. The system shall mail a copy of the participant’s statement, provided that the employer or participant has informed the system of the participant’s current mailing address and the participant has not requested to receive that statement electronically, in lieu of mailing.
(b) The mode of issuance described in subdivision (a) is subject to Section 22337.
(Amended by Stats. 2013, Ch. 459, Sec. 10. (AB 989) Effective January 1, 2014.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 3 - Plan Administration › Section 26216.

26216. The board may administer the Cash Balance Benefit Program through an agreement with a qualified third-party administrator that shall provide custodial, recordkeeping, or other administrative services specified under the agreement.
(Amended by Stats. 1998, Ch. 965, Sec. 255. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26300.

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 Program, the employer shall make available to the employee the following information:
(1) The employee’s rights and responsibilities as a participant in the program, the employer’s responsibilities under the program, and the benefits payable under the program.
(2) The employee’s right to elect membership in the Defined Benefit Program in lieu of participation in the Cash Balance Benefit Program, the rights and responsibilities of a member and the employer under the Defined Benefit Program, and benefits payable under the Defined Benefit Program.
(b) Written acknowledgment by the employee that he or she has received the information specified in subdivision (a) shall be retained in the employer’s files on a form prescribed by the system.
(c) If an employer’s governing board’s action to provide the Cash Balance Benefit Program gives employees the right to elect other coverage in lieu of the Cash Balance Benefit Program pursuant to Section 26400, the employer shall, within 10 working days following the later of the first day on which creditable service is performed, the date of the employer’s governing board’s action to provide the program or the effective date of the employer’s governing board’s action to provide the program, notify existing employees of the following:
(1) The employee’s right to elect other coverage if offered by the employer in lieu of participation in the Cash Balance Benefit Program.
(2) The rights and responsibilities of the employer and a participant in an alternative retirement plan if offered by the employer.
(3) The benefits payable under an alternative retirement plan if offered by the employer.
(Amended by Stats. 1998, Ch. 1048, Sec. 33. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26301.

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 delinquent immediately thereafter. That report shall be submitted electronically in an encrypted format provided by the system that ensures the security of the transmitted participant data.
(b) The board shall, in accordance with regulations, assess a penalty against the employer for a report submitted late or in an unacceptable form. The penalty shall be based upon the sum of the employee and employer contributions required to be reported under this part at a rate of interest equal to the regular interest rate, accruing on the balance for the period between the time the report was due and the time an acceptable report is actually received by the system.
(Amended by Stats. 2011, Ch. 703, Sec. 32. (SB 349) Effective January 1, 2012.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26301.5.

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.
(Added by Stats. 1998, Ch. 965, Sec. 257. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26301.7.

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 this section, “automated clearinghouse” means any federal reserve bank, or an organization established in agreement with the National Automated Clearing House Association, that operates as a clearinghouse for transmitting or receiving entries between banks or bank accounts and which authorizes an electronic transfer of funds between these banks or bank accounts.
(c) An employer that is unable, for good cause, to comply with subdivision (a) may apply to the board for a waiver that allows the employer to pay in an alternate manner as prescribed by the board.
(Added by Stats. 2018, Ch. 125, Sec. 2. (AB 2052) Effective January 1, 2019.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26302.

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 the participant’s salary shall be returned to the participant by the employer within the same time period.
(b) The board shall, in accordance with regulations, assess penalties for late or improper adjustments pursuant to Section 26301. These penalties shall be assessed at a rate equal to the penalties imposed under subdivision (b) of Section 26301 and shall be deemed to be interest earned in the year in which the penalty is received.
(Amended by Stats. 2011, Ch. 703, Sec. 33. (SB 349) Effective January 1, 2012.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26303.

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 which the salary was earned.
(b) Payments shall be delinquent on the 11th working day thereafter, and interest shall begin to accrue at the regular interest rate from that day until payment for the contributions and interest is received in full by the system. The board, in accordance with regulations, shall collect interest for late payment from the employer under this subdivision.
(Amended by Stats. 2011, Ch. 703, Sec. 34. (SB 349) Effective January 1, 2012.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26303.5.

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.
(Added by Stats. 2009, Ch. 249, Sec. 11. (AB 654) Effective January 1, 2010.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26303.7.

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.
(Added by Stats. 2020, Ch. 275, Sec. 17. (AB 2101) Effective January 1, 2021.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26304.

26304. An employer shall provide timely notice to the system of the employment, death, or termination of employment of a participant.
(Amended by Stats. 1996, Ch. 608, Sec. 17. Effective September 19, 1996. Applicable from July 1, 1996, pursuant to Sec. 58 of Ch. 608.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26305.

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 contracts, salary schedules, and minutes from meetings conducted by the governing board of the employer.
(Amended by Stats. 1998, Ch. 965, Sec. 260. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 4 - Employer and Participant Responsibilities › Section 26306.

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 proof of his or her date of birth.
(c) A participant who has not contributed to the Cash Balance Benefit Program during the immediately preceding plan year shall provide the system with his or her current mailing address and beneficiary information.
(d) For a trust as defined in subdivision (b) of Section 26106.5 that is designated as a joint and survivor annuity beneficiary, the following documentation is required:
(1) The participant shall provide an acknowledged certification that includes each declaration prescribed by clause A-6 of Section 1.401(a)(9)-4 of Title 26 of the Code of Federal Regulations and a declaration that the trust meets the requirements and conditions as defined in subdivision (b) of Section 26106.5. The certification shall be submitted to the system at the time of election of the beneficiary and is required for the election to be valid. The certification shall be in the form of an acknowledged declaration signed by the participant and by all then-acting trustees of the trust.
(2) After the participant’s death, the then-acting trustee or trustees of the trust shall provide an acknowledged certification that includes each of the declarations prescribed by clause A-6 of Section 1.401(a)(9)-4 of Title 26 of the Code of Federal Regulations and a declaration that the trust meets the requirements and conditions as defined in subdivision (b) of Section 26106.5. The certification by the trustee or trustees of the trust shall be submitted to the system upon the participant’s death and shall additionally certify that the trust has not been revoked, modified, or amended in any manner which would cause the representations contained in the certification to be incorrect. The certification shall contain a statement that it is being signed by all of the then-acting trustees of the trust and shall be in the form of an acknowledged declaration signed by all the then-acting trustees.
(3) At any time, upon demand by the system, the participant or trustee of the trust shall provide a copy of the trust instrument.
(Amended by Stats. 2016, Ch. 559, Sec. 14. (AB 1875) Effective January 1, 2017.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 5 - Eligibility › Section 26403.

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 form prescribed by the system and filed with the employer at any time while performing trustee service.
(2) The election form shall be received at the system’s headquarters office within 60 calendar days after the date of the trustee’s signature and prior to the submission of contributions. The employer shall retain a copy of the election form.
(3) The election shall become effective no earlier than the first day of the pay period in which the election is made.
(b) An election made pursuant to this section is irrevocable.
(Amended by Stats. 2019, Ch. 318, Sec. 11. (AB 1452) Effective January 1, 2020.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26500.

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.
(Amended by Stats. 1998, Ch. 965, Sec. 264. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26501.

26501. Except as provided in Section 26504, the participant shall contribute an amount equivalent to 4 percent of salary.
(Amended by Stats. 1998, Ch. 1048, Sec. 38. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26501.5.

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.
(Added by Stats. 2000, Ch. 1020, Sec. 14. Effective January 1, 2001.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26502.

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 contributions, which shall be paid by the employer in lieu of employee contributions and which shall be deducted from the employee’s salary.
(Amended by Stats. 1998, Ch. 965, Sec. 265. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26503.

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.
(Amended by Stats. 1998, Ch. 1048, Sec. 39. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26503.5.

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 California Public Employees’ Pension Reform Act of 2013, other compensation paid for trustee service is subject to the same requirements as “salary” as defined in Section 26139.5.
(Amended by Stats. 2013, Ch. 559, Sec. 38. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26504.

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 participant shall equal or exceed 8 percent of salary.
(b) The employee contribution rate may exceed the employer contribution rate but in no event shall the employer contribution rate be less than 4 percent.
(c) The employee contribution rate shall not be less than the employer contribution rate. If the terms of a collective bargaining agreement that is in effect on January 1, 2014, would be impaired by this subdivision, this subdivision shall not apply to the employer and participants subject to that contract until the expiration of that contract. A renewal, amendment, or any other extension of that contract shall be subject to the requirements of this subdivision.
(d) The employee contribution rate and employer contribution rate shall be the same for each participant employed by the employer.
(e) The employee contribution rate and employer contribution rate shall be in one-quarter percent increments.
(f) The employee contribution rate and employer contribution rate as determined under the collective bargaining agreement shall become effective on the first day of the plan year following notification to the system and shall remain in effect for at least one plan year. However, the employee contribution rate and the employer contribution rate as determined under the collective bargaining agreement may become effective as of the first day of the plan year in which notice is given if it is so provided in the collective bargaining agreement and if a lump-sum contribution is made to the plan equal to the additional employee and employer contributions, if any, that would have been required if the contribution rates had been in effect on the first day of the plan year. Interest shall be credited at the minimum interest rate with respect to the lump-sum contribution commencing with the first month after the contribution is made.
(g) The employer has filed notice of the employee contribution rate and the employer contribution rate on a form prescribed by the system.
(Amended by Stats. 2013, Ch. 559, Sec. 39. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26506.

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 terms and conditions established by the board, participants may be permitted to transfer funds from eligible retirement plans into the Cash Balance Benefit Program to the extent that the transfers are allowable under and are completed in a manner prescribed by applicable federal and state laws, and any related regulations.
(c) Funds deposited with the Cash Balance Benefit Program by a participant pursuant to subdivision (b) shall be credited to the participant and identified separately from credits in the participant’s employee and employer accounts. Funds so deposited shall be treated as credits to the participant’s employee account for all other purposes under this part.
(Amended by Stats. 2015, Ch. 123, Sec. 34. (AB 991) Effective January 1, 2016.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 6 - Contributions › Section 26507.

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-fourth of one percent for any plan year. The mandatory employer contribution rate as adjusted shall not exceed 4.25 percent of salary in any plan year for each participant employed by the employer, except as provided in subdivision (b).
(b) The adjustment to the employer contribution rate specified in subdivision (a) shall be applied to the employer contribution rate specified in a collective bargaining agreement pursuant to Section 26504 and in effect on the first day of the plan year in which the adjustment to the employer contribution rate takes effect.
(c) The adjusted employer contribution rate shall become effective no earlier than the first day of the plan year immediately following adoption by the board.
(Amended by Stats. 1998, Ch. 965, Sec. 268. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26600.

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 accounts used to determine the amount of retirement benefit, disability benefit, death benefit, or termination benefit of the participant or beneficiary. The participant shall have no actual individual account and shall have no claim to any particular assets of the plan or the fund.
(Added by Stats. 1995, Ch. 592, Sec. 16. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26601.

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.
(Added by Stats. 1995, Ch. 592, Sec. 16. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26602.

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.
(Added by Stats. 1995, Ch. 592, Sec. 16. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26603.

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 section shall become operative on July 1, 2018.
(Repealed (in Sec. 41) and added by Stats. 2016, Ch. 218, Sec. 42. (SB 1352) Effective January 1, 2017. Section operative July 1, 2018, by its own provisions.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26604.

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 accounts and employer accounts with respect to the Cash Balance Benefit Program during the following plan year.
(b) All interest shall be computed at the minimum interest rate on the balance of the employee account and the employer account and shall be compounded daily.
(c) Interest shall not be credited to employee accounts and employer accounts that have been transferred to the Annuitant Reserve for payment of an annuity.
(Amended by Stats. 2016, Ch. 218, Sec. 43. (SB 1352) Effective January 1, 2017.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26605.

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 year, then following the determination by the board with respect to additions to the Gain and Loss Reserve described in subdivision (c) of Section 26202 the board may declare by means of plan amendment an additional earnings credit for the plan year with respect to the employee and employer accounts of the plan participants.
(Added by Stats. 1995, Ch. 592, Sec. 16. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26606.

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 earnings credit shall be credited to employee account and employer account balances as of the date the board declares the additional earnings credit is to be applied. The additional earnings credit shall not be credited to employee accounts and employer accounts that have been transferred to the Annuitant Reserve for payment of an annuity under the Cash Balance Benefit Program.
(Amended by Stats. 1998, Ch. 965, Sec. 270. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 7 - Employee and Employer Accounts › Section 26607.

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 the board by plan amendment with respect to the Cash Balance Benefit Program declares an additional earnings credit as provided in Section 26605 and if the total amount of investment earnings of the plan with respect to the Cash Balance Benefit Program for the plan year exceeds the sum of the total amount required to credit all employee and employer accounts at the minimum interest rate, the administrative costs of the plan with respect to the Cash Balance Benefit Program for the plan year, any addition to be made to the Gain and Loss Reserve under subdivision (c) of Section 26202, the total amount required to credit all employee and employer accounts in respect of the additional earnings credit so declared, and any other obligations incurred by the plan with respect to the Cash Balance Benefit Program.
(c) Any additional annuity credit with respect to the Cash Balance Benefit Program shall be based upon the annuity of the participant or beneficiary for the plan year and shall be paid as a lump sum to the participant or beneficiary on the date specified by the board.
(Amended by Stats. 1998, Ch. 965, Sec. 271. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 8 - Rights to Benefits › Section 26700.

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.
(Added by Stats. 1995, Ch. 592, Sec. 16. Effective January 1, 1996.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 8 - Rights to Benefits › Section 26701.

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 provided under this part.
(Amended by Stats. 1998, Ch. 1048, Sec. 43. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 8 - Rights to Benefits › Section 26702.

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 more than three years after all obligations to or on behalf of the participant or beneficiary have been discharged.
(2) In cases where the system makes an error resulting in incorrect payment to the participant or beneficiary, the system’s right to commence recovery shall expire three years from the date of payment.
(3) If an erroneous payment is made due to lack of information or inaccurate information regarding eligibility of a participant or beneficiary to receive a benefit from the Cash Balance Benefit Program, the period of limitation shall commence when the system discovers the erroneous payment.
(b) Notwithstanding any other provision of this section, if any erroneous payment has been made on the basis of fraud or intentional misrepresentation by a participant or beneficiary, or other party in relation to or on behalf of a participant or beneficiary, the three-year period of limitation shall not be deemed to commence or to have commenced until the system discovers the erroneous payment.
(Amended by Stats. 1998, Ch. 1048, Sec. 44. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 8 - Rights to Benefits › Section 26703.

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 declares in writing, under penalty of perjury, that one of the following conditions exists:
(a) The participant is not married.
(b) The participant does not know, and has taken all reasonable steps to determine, the whereabouts of the spouse.
(c) The spouse is incapable of executing the acknowledgment because of an incapacitating mental or physical condition.
(d) The participant and spouse have executed a marriage settlement agreement pursuant to Part 5 (commencing with Section 1500) of Division 4 of the Family Code that makes the community property law inapplicable to the marriage.
(e) The current spouse has no identifiable community property interest in the benefit.
(Amended by Stats. 2014, Ch. 755, Sec. 75. (SB 1220) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 8 - Rights to Benefits › Section 26704.

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 spousal signature requirement or to waive the spousal signature requirement. Either party may bring an action pursuant to Section 1101 of the Family Code to determine the rights of the party.
(Amended by Stats. 2014, Ch. 755, Sec. 76. (SB 1220) Effective January 1, 2015.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26800.

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.
(Amended by Stats. 2013, Ch. 559, Sec. 40. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26801.

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 later.
(Amended by Stats. 2020, Ch. 275, Sec. 18. (AB 2101) Effective January 1, 2021.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26802.

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.
(Amended by Stats. 1998, Ch. 965, Sec. 273. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26803.

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 prior to the retirement date.
(b) All employers with which the participant is employed to perform creditable service subject to coverage by the plan shall certify in a format prescribed by the system that the participant’s employment has been terminated unless the employment was terminated 12 months or more prior to the participant’s retirement date.
(Amended by Stats. 2022, Ch. 231, Sec. 3. (AB 1824) Effective January 1, 2023.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26804.

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 system is received in the system’s headquarters office no later than 30 days from the date of the participant’s initial benefit payment.
(b) The participant returns the total gross distribution amount of all payments for any canceled retirement benefit, including a lump-sum payment being changed to an annuity, to the system’s headquarters office no later than 45 days from the date of the participant’s initial benefit payment. The participant shall be liable for any adverse tax consequences that may result from these actions.
(Amended by Stats. 2021, Ch. 186, Sec. 5. (SB 634) Effective January 1, 2022.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26805.

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.
(Amended by Stats. 1998, Ch. 965, Sec. 276. Effective January 1, 1999.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26806.

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 subdivision (a) shall not be payable before 180 calendar days have elapsed following the date of termination of employment.
(c) Except as provided in subdivision (d) or subdivision (e) of Section 26812, the application for the retirement benefit in the form of a lump-sum payment shall be automatically canceled if the participant performs creditable service within 180 calendar days following the date of termination of employment.
(d) Subdivision (c) does not apply if the participant has reached that age at which the Internal Revenue Code of 1986 requires a distribution of benefits. A participant who has reached this age shall receive a distribution commencing on the earlier of the date that the participant has met the conditions of subdivision (b) or the conditions of subdivision (c) of Section 26004.
(Amended by Stats. 2015, Ch. 123, Sec. 35. (AB 991) Effective January 1, 2016.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26808.

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 a joint and survivor option, the age of the beneficiary on the retirement date.
(b) In the case of a participant who previously received an annuity that was terminated pursuant to Section 26810, the portion of the annuity derived from the amounts credited to the employee account and employer account as of the date the participant terminates the annuity shall be calculated using the actuarial assumptions in effect on the previous retirement date using the age of the participant and, if the participant elected a joint and survivor option, the age of the beneficiary on the current retirement date.
(Amended by Stats. 2020, Ch. 275, Sec. 21. (AB 2101) Effective January 1, 2021.)
2023 California Code › Education Code - EDC › TITLE 1 - GENERAL EDUCATION CODE PROVISIONS › DIVISION 1 - GENERAL EDUCATION CODE PROVISIONS › PART 14 - STATE TEACHERS RETIREMENT SYSTEM CASH BENEFIT PROGRAM › CHAPTER 9 - Retirement Benefit › Section 26809.

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.
(Amended by Stats. 1998, Ch. 965, Sec. 279. Effective January 1, 1999.)