California Government Code

§ 45310.7

GOV § 45310.7 Effective Jan 1, 2004Div. 5 · Title 4 · Ch. 2 · Art. 1

Statute text

(a)On and after January 1, 2003, a member who is credited with less than the number of years of service required for vesting shall have the right to elect to leave accumulated contributions on deposit in the retirement fund of the city’s retirement system. Failure to make an election to withdraw accumulated contributions shall be deemed an election to leave accumulated contributions on deposit in the system’s retirement fund.

(b)An election to allow accumulated contributions to remain in the system’s retirement fund may be revoked by the member at any time except: (1) while the member is employed in service in a position in which the member is not excluded from membership in the system with respect to that service; (2) while the member is in service as a member of a public retirement system supported, in whole or in part, by state funds; or (3) while the member is in service in a reciprocal retirement system, entered within six months after discontinuing service in the city’s retirement system. All accumulated contributions made up to the time of revocation may then be withdrawn.

(c)A member whose membership continues under this section is subject to the same age, service, and disability requirements as apply to other members for service or disability retirement. After the qualification of the member for retirement by reason of age, which shall be the lowest age applicable to any membership category in which the member has credited service, or disability, the member shall be entitled to receive a retirement allowance based upon the amount of the member’s accumulated contributions and service standing to the member’s credit at the time of retirement and on the employer contributions held for the member and calculated in the same manner as for other members.

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Legislative history

Amended by Stats. 2003, Ch. 62, Sec. 155. Effective January 1, 2004.