Statute · California Education Code
Cal. Educ. Code § 22156.1 — Definitions
Cal. Educ. Code § 22156.1
- Type
- Statute
- Source
- California Education Code
- Jurisdiction
- California
- Date
- 2021-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
“Present value,” for purposes of Section 22718, means the amount of money needed on the effective date of retirement to reimburse the system for the actuarially determined cost of the portion of a member’s retirement allowance attributable to unused excess sick leave days. The present value on…
Citator
Cal. Educ. Code § 22156.1 — Definitions is in force in the current edition of the Code, and nothing recorded condemns it.
“Present value,” for purposes of Section 22718, means the amount of money needed on the effective date of retirement to reimburse the system for the actuarially determined cost of the portion of a member’s retirement allowance attributable to unused excess sick leave days. The present value on the effective date of retirement shall equal the number of unused excess sick leave days divided by the number of base days, as defined in Section 22106.2, multiplied by the prior year’s compensation earnable multiplied by the present value factor.