California § 22156.1. 22156.1. (Amended by Stats. 2020, Ch. 275, Sec. 5.)

California Statutes

§ 22156.1. — 22156.1. (Amended by Stats. 2020, Ch. 275, Sec. 5.)

California·Code EDC Education Code - EDC·Div. 1.·Title 1. DIVISION 1. GENERAL EDUCATION CODE PROVISIONS·Part 13. PART 13. STATE TEACHERS' RETIREMENT SYSTEM·Ch. 2. CHAPTER 2. Definitions

“Present value,” for purposes of Section 22718, means the amount of money needed on the effective date of retirement to reimburse the system for the actuarially determined cost of the portion of a member’s retirement allowance attributable to unused excess sick leave days. The present value on the effective date of retirement shall equal the number of unused excess sick leave days divided by the number of base days, as defined in Section 22106.2, multiplied by the prior year’s compensation earnable multiplied by the present value factor.

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“Present value,” for purposes of Section 22718, means the amount of money needed on the effective date of retirement to reimburse the system for the actuarially determined cost of the portion of a member’s retirement allowance attributable to unused excess sick leave days. The present value on the effective date of retirement shall equal the number of unused excess sick leave days divided by the number of base days, as defined in Section 22106.2, multiplied by the prior year’s compensation earnable multiplied by the present value factor.

California § 22156.1. (22156.1. (Amended by Stats. 2020, Ch. 275, Sec. 5.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.