California Education Code

§ 28101

EDC § 28101 Effective Jan 1, 1999Div. 1 · Title 1 · Part 14 · Ch. 17

Statute text

(a)Upon discontinuation of the Cash Balance Benefit Program by the employer, the system will hold the employee and employer accounts for the benefit of the participant. The participant is immediately vested in both employee and employer accounts including accrued interest.

(b)Both employee and employer accounts will continue to be credited with interest at the minimum interest rate so long as there is an undistributed balance in such accounts.

Legislative history

Amended by Stats. 1998, Ch. 1048, Sec. 51. Effective January 1, 1999.