California Government Code

§ 19999.3

GOV § 19999.3 Effective Jan 1, 2013Div. 5 · Title 2 · Part 2.6 · Ch. 8.6

Statute text

(a)The Legislature finds and declares that this chapter is intended to provide an alternate retirement program for new state employees who are members of the Public Employees’ Retirement System pursuant to Section 20281.5 and who, during the 24 months of employment following the date they qualify for membership in the system pursuant to that section, do not make contributions into the defined benefit retirement program.

(b)The Legislature hereby authorizes the development of a retirement program under the Deferred Compensation Plan, the tax-deferred savings plan, or any other acceptable defined contribution plan.

(c)The state employees described in subdivision (a) who are employed in positions that are subject to the federal system, as defined in Section 20033, shall contribute to the retirement program 5 percent of compensation, as set forth in Part 3 (commencing with Section 20000), in excess of five hundred thirteen dollars ($513) per month paid to that member for service rendered. The state employer shall pick up the contribution, as authorized by Section 414(h) of the Internal Revenue Code, and shall deduct the contribution from the employee’s compensation. The contributions required by this subdivision shall cease when the state employee begins making contributions to the defined benefit retirement program.

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Legislative history

Amended by Stats. 2012, Ch. 665, Sec. 107. (SB 1308) Effective January 1, 2013. Conditionally inoperative as provided in subd. (g).