Cal. Code Regs. tit. 2 § 575.2

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 575.2 - Deposit of Contributions Pursuant to Government Code Section 21073.1

Any deposit of contributions for a member service credit election pursuant to Government Code section 21073.1, to be made in installments, must be made by payroll deduction upon such installment plan as may be elected by the member, subject to the following conditions:

(a) Installments must be uniform for each payroll period;

(b) The installments may not be less than $15.00 per month (or the semi-monthly, bi-weekly or quadri-weekly equivalent); and

(c) The number of installments may not exceed 180 monthly (or the semi-monthly, bi-weekly or quadri-weekly equivalent) payroll periods.

(d) Interest on the unpaid balance of the amount payable to the Public Employees' Retirement Fund shall accrue at the member interest crediting rate provided in section 20178 on the effective date of the member's election.

For purposes of this section, the interest rate provided in subsection (d) shall be applied from the effective date of the member's election through the completion of payments.

An installment plan adopted by a member may be modified to extend the period of payment upon the Board's finding that the existing plan is effecting a hardship for the member provided, however, that the plan as extended does not result in a total number of deductions, including the number already paid, exceeding the maximum permitted under this section and otherwise complies with this section.

Cal. Code Regs. Tit. 2, § 575.2

1. New section filed 5-4-2000; operative 5-4-2000 pursuant to Government Code section 11343.4(d). Exempt from OAL review pursuant to Government Code section 21073.1 (Register 2000, No. 18).
2. Amendment of introductory paragraph, new subsection (d) and new penultimate paragraph filed 7-6-2006; operative 8-5-2006 (Register 2006, No. 27).

Note: Authority cited: Sections 20120, 20121 and 21073.1, Government Code. Reference: Section 21073.1, Government Code.