California Government Code

§ 22960.85

GOV § 22960.85 Effective Sep 25, 1998Div. 5 · Title 2 · Part 7 · Ch. 11

Statute text

(a)Upon separation from all service for the employer for any reason other than death, disability, or retirement, a participant is entitled to a lump-sum distribution of the balance of his or her account as of the first valuation date immediately following the date of the application.

(b)Application for a distribution for termination of employment shall be made on an application form prescribed by the board. Any participant who is entitled to a distribution that equals or exceeds five thousand dollars ($5,000), may elect on the application form to receive the distribution in one of the following forms:

(1)A single lump-sum payment.

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Legislative history

Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.