§ 9358. — 9358. (Amended by Stats. 1999, Ch. 897, Sec. 1.)

California § 9358.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 2.
• Title 2.: DIVISION 2. LEGISLATIVE DEPARTMENT
• Part 1.: PART 1. LEGISLATURE
• Ch. 3.5.: CHAPTER 3.5. Retirement of Legislators
• Art. 5.: ARTICLE 5. Contributions

Text

(a)
On and after January 1, 2000, the state’s contribution on account of liability for benefits under this chapter shall be established in accordance with Section 20814.
(b)
When the actuarial value of assets exceeds the present value of benefits as of the most recently completed valuation, resulting in a 0 percent contribution rate for the state, as determined by the board, the board may reduce the member contribution rates described in Sections 9357, 9357.01, 9357.05, and 9357.15 for the same fiscal year in which the state rate is reduced to 0 percent.
However, for any fiscal year during which the state’s contribution rate is greater than 0 percent, the members of the system shall pay the applicable member contribution rates described in Sections 9357, 9357.01, 9357.05, and 9357.15.

Legislative History

Amended by Stats. 1999, Ch. 897, Sec. 1. Effective January 1, 2000.