California Education Code

§ 22901

EDC § 22901 Effective Jan 1, 2014Div. 1 · Title 1 · Part 13 · Ch. 15

Statute text

(a)Each member of the Defined Benefit Program shall contribute to the retirement fund an amount equivalent to 8 percent of the member’s creditable compensation, unless he or she is a member subject to the California Public Employees’ Pension Reform Act of 2013.

(b)Each member subject to the California Public Employees’ Pension Reform Act of 2013 shall contribute to the retirement fund an amount equivalent to the percentage of the member’s creditable compensation calculated as follows:

(1)An initial percentage equal to 50 percent of the normal cost rate of benefits applicable to members subject to the California Public Employees’ Pension Reform Act of 2013, rounded to the nearest quarter of 1 percent. The normal cost rate shall be adopted by the board.

…

Legislative history

Amended by Stats. 2013, Ch. 559, Sec. 15. (AB 1381) Effective January 1, 2014. Deemed operative January 1, 2013, by Sec. 1 of Ch. 559.