California Government Code

§ 31777

GOV § 31777 Effective Jan 1, 2004Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 11.5

Statute text

(a)The provisions of this section shall be referred to as the “actuarial equivalent DROP provisions.”

(b)A member who retires for service on or after the operative date of the program may elect, on a form prescribed by the board, to receive a lump-sum payment and an actuarially reduced monthly allowance pursuant to this section in lieu of the monthly allowance that would otherwise be payable to the member pursuant to this chapter.

(c)A member who has elected to participate in the forward DROP provisions of the program, pursuant to Sections 31771 to 31776.5, inclusive, or the backward DROP provisions of the program, pursuant to Sections 31778 to 31778.2, inclusive, is not eligible to make the election provided under this section.

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Legislative history

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