California Education Code

§ 25004

EDC § 25004 Effective Jan 1, 2001Div. 1 · Title 1 · Part 13 · Ch. 38 · Art. 2

Statute text

Member accounts under the Defined Benefit Supplement Program shall be nominal accounts. Member contributions and employer contributions on behalf of the member that are specifically identified as creditable to the Defined Benefit Supplement Program shall be treated as credits to the member’s Defined Benefit Supplement account, together with interest credited at the minimum interest rate and additional earnings credit thereon. The balance of credits in a member’s account shall determine the amount to which the member is entitled under the Defined Benefit Supplement Program upon termination of employment subject to coverage by the plan. The member shall not have a right or claim to any specific assets of the account, program, plan, or retirement fund.

Legislative history

Added by Stats. 2000, Ch. 74, Sec. 69. Effective January 1, 2001.