California Government Code

§ 21337

GOV § 21337 Effective Jan 1, 2018Div. 5 · Title 2 · Part 3 · Ch. 13 · Art. 3

Statute text

(a)On an annual basis, the board shall transfer funds to separate supplemental state and school accounts, to fund the purchasing power protection allowance of retirees, survivors, and beneficiaries of state or school employers, respectively. The amounts transferred shall be the lesser of the following:

(1)The amount necessary to increase all monthly allowances paid by this system to retirees, survivors, and beneficiaries of state or school employers to 75 percent of the purchasing power of the initial monthly allowances.

(2)One and one-tenth percent of state or school member contributions, as determined by Section 20178.

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Legislative history

Amended by Stats. 2017, Ch. 241, Sec. 9. (SB 525) Effective January 1, 2018.