§ 24606. — 24606. (Amended by Stats. 2016, Ch. 218, Sec. 37.)

California § 24606.

• 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. 31.: CHAPTER 31. Procedures Concerning Payment

Text

(a)
If any payment of contributions or accumulated contributions or benefits under this plan remains unclaimed and, after a good faith effort, the legal claimant cannot be found, the board shall redeposit the proceeds in the retirement fund, and shall hold the proceeds for the legal claimant without further accumulation of interest. The redeposit does not operate to establish the membership of the claimant in this plan.
(b)
Subdivision (a) applies to warrants drawn and canceled by the Controller and payments rejected via electronic funds transfer. Upon notice of cancellation or rejection, the proceeds revert to and become a part of the retirement fund, and shall be applied to meet
the liabilities of the retirement fund.
(c)
The board may at any time after reversion of proceeds, as provided above to the retirement fund, and upon receipt of proper information satisfactory to it, return from the retirement fund an amount equal to those proceeds to the credit of the legal claimant.

Legislative History

Amended by Stats. 2016, Ch. 218, Sec. 37. (SB 1352) Effective January 1, 2017.