California Government Code

§ 50977

GOV § 50977 Effective Jan 1, 2008Div. 1 · Title 5 · Part 1 · Ch. 4.5 · Art. 7

Statute text

If the transfer of the Volunteer Firefighters Length of Service Award System from the Board of Administration of the Public Employees’ Retirement System to the board of the California State Fire Employees Welfare Benefit Corporation is not completed on or before March 1, 2008, the Board of Administration of the Public Employees’ Retirement System shall terminate the award system and disburse the assets in the award system in the following order of priority:

(a)An amount sufficient to pay reasonable administrative expenses shall be retained by the Board of Administration of the Public Employees’ Retirement System.

(b)(1) Except as described in paragraph (2), an amount sufficient to pay current award recipients or members and former members who have satisfied, on or before March 1, 2008, all the requirements to be eligible to receive an award, a one-time lump-sum payment in an amount equal to the actuarial present value of the monthly benefit paid to an award recipient. This amount to be paid shall be in lieu of an ongoing monthly benefit previously provided by the Board of Administration of the Public Employees’ Retirement System pursuant to Chapter 4.5 (commencing with Section 50950) of Part 1 of Division 1 of Title 5, as added by Chapter 1145 of the Statutes of 1979, and as that chapter read on December 31, 2007.

…

Legislative history

Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.