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SB-1594 Public employees’ retirement: service credit.(2003-2004)



Current Version: 02/20/04 - Introduced

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SB1594:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2003–2004 REGULAR SESSION

Senate Bill
No. 1594

Introduced  by  Senator Knight

February 20, 2004

An act to amend Section 21051 of the Government Code, relating to public employees’ retirement.


LEGISLATIVE COUNSEL'S DIGEST


SB 1594, as introduced, Knight. Public employees’ retirement: service credit.
Existing law provides that a member of the Public Employees’ Retirement System may receive service credit for specified types of public service, if the member makes additional contributions to the Public Employees’ Retirement Fund. Retirement benefits under the retirement system are based, in part, on a member’s service credit. Existing law also provides the method for calculating the amount of those additional contributions.
This bill would make a technical, nonsubstantive change to that provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 21051 of the Government Code is amended to read:

21051.
 (a) A member electing to receive credit for service subject to this section shall contribute, in accordance with Section 21050, an amount equal to all of the following:
(1) The contributions the member would have made to the system for the period for which current service credit is granted, assuming that the rate of contribution under his or her employer’s formula at the rate age applicable to him or her at the beginning of his or her first subsequent period of service in membership and his or her compensation earnable on that date had applied to the member during the period for which credit is granted.
(2) The interest that would have accrued on those contributions if they had been deposited at the beginning date of his or her first subsequent period of service in membership, from that date until the date of completion of payments.
(3) If the member is authorized under Section 21050 to contribute in other than a lump-sum payment, interest on the unpaid balance of the amounts payable under paragraphs (1) and (2), which interest shall begin to accrue as of the date of the election to receive credit.
(b) The beginning date of the first subsequent period of service, for purposes of computation of contributions and interest, shall be deemed to be the end of the period of service credited for a member who has no subsequent return to service.