Statute · California Education Code
Cal. Educ. Code § 28101 — Discontinuation of Plan
Cal. Educ. Code § 28101
- Type
- Statute
- Source
- California Education Code
- Jurisdiction
- California
- Date
- 1999-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(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.
Citator
Cal. Educ. Code § 28101 — Discontinuation of Plan is in force in the current edition of the Code, and nothing recorded condemns it.
(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.