California Government Code

§ 31772

GOV § 31772 Effective Jan 1, 2004Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 11.5

Statute text

(a)A program account shall be established within the system for each participant. No system assets shall be separately segregated for any program account. A participant may not have a claim on any specific assets of the system.

(b)A participant’s program account shall be credited with an amount equal to the service retirement allowance the member would have received if the member had retired for service on the election date and had selected an unmodified allowance, subject to the following:

(1)Sick leave and vacation time accrued by the member as of the election date may not be included in the calculation of service credit or final compensation for the retirement time where the member enters the program, except as otherwise provided in a collective bargaining agreement.

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Legislative history

Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.