§ 22901.7. — 22901.7. (Added by Stats. 2014, Ch. 47, Sec. 5.)

California § 22901.7.

• Jurisdiction: 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. 15.: CHAPTER 15. Employee Contributions

Text

(a)
Commencing July 1, 2014, the amount of contributions required under subdivision (a) of Section 22901 and Section 22901.3 as it applies to a member who is not subject to the Public Employees’ Pension Reform Act of 2013 shall increase by the percentage of the member’s compensation that is creditable to the Defined Benefit Program as follows:
(1)
On July 1, 2014, by 0.15 percent.
(2)
On July 1, 2015, by 1.20 percent.
(3)
On July 1, 2016, by 2.25 percent.
(b)
Commencing July 1, 2014, the amount of contributions required under subdivision (b) of
Section 22901 and Section 22901.3 as it applies to members who are subject to the Public Employees’ Pension Reform Act of 2013 shall increase by the following percentages of the member’s compensation that is creditable to the Defined Benefit Program as follows:
(1)
On July 1, 2014, by 0.15 percent.
(2)
On July 1, 2015, by 0.56 percent.
(3)
On July 1, 2016, by 1.205 percent.
(c)
The act adding this section establishes the improvement factor provided pursuant to Sections 22140 and 22141 as a vested benefit pursuant to a contractually enforceable promise and a comparable new advantage in exchange for the contribution increases made pursuant to this section.

Legislative History

Added by Stats. 2014, Ch. 47, Sec. 5. (AB 1469) Effective June 24, 2014. Adding action may become inoperative under conditions prescribed by Stats. 2014, Ch. 47, Sec. 13, subds. (b), (c), and (d).