California § 17004.6 - Each warrant issued by the Controller payable pursuant to Section 24701 or 24702

§ 17004.6. Each warrant issued by the Controller payable pursuant to Section 24701 or 24702

Each warrant issued by the Controller payable pursuant to Section 24701 or 24702 of the Education Code to a retirant or beneficiary of the State Teachers’ Retirement System, shall be accompanied by a statement in at least 10-point print that shall advise at a minimum that: (a) The warrant associated with this stub provides a quarterly payment from funds made available during the current fiscal year to help offset the effects of inflation on your normal monthly allowance from the State Teachers’ Retirement System (STRS). (b) These payments are not cumulative, are not part of the base retirement allowance, and are made only when funds are available for this purpose. (c) In order for payments to be made pursuant to Section 24701 of the Education Code, funds must be appropriated each fiscal year as part of the Budget Act of the State of California. (d) Funding for the supplemental payments made pursuant to Section 24702 of the Education Code comes from the net revenues received from the use of school lands and lieu lands in the State of California. The amount of the supplemental payment to each eligible individual is calculated in September. The payments are made on October 1, January 1, April 1, and July 1, for the current fiscal year.