California Education Code

§ 27302

EDC § 27302 Effective Jan 1, 1999Div. 1 · Title 1 · Part 14 · Ch. 14

Statute text

If a benefit payable under this part cannot be distributed because, after a good faith effort, the participant or beneficiary cannot be located, the balances in the participant’s employee account and employer account shall be forfeited by the participant or beneficiary, but if the participant or beneficiary thereafter submits a valid claim to the system the employee and employer accounts shall be reinstated and shall be credited with all applicable interest at the minimum interest rate and additional earnings credit amounts attributable to the period during which the forfeiture was in effect.

Legislative history

Amended by Stats. 1998, Ch. 965, Sec. 305. Effective January 1, 1999.