California § 31772 - A program account shall be established within the system for each participant. No
Full text of California Public Contract Code - PCC § 31772 — A program account shall be established within the system for each participant. No, with citation guidance and answers to common questions.
§ 31772. A program account shall be established within the system for each participant. No
(a) A program account shall be established within the system for each participant. No system assets shall be separately segregated for any program account. A participant may not have a claim on any specific assets of the system. (b) A participantâs program account shall be credited with an amount equal to the service retirement allowance the member would have received if the member had retired for service on the election date and had selected an unmodified allowance, subject to the following: (1) Sick leave and vacation time accrued by the member as of the election date may not be included in the calculation of service credit or final compensation for the retirement time where the member enters the program, except as otherwise provided in a collective bargaining agreement. (2) The provisions of Article 15 (commencing with Section 31830) may not apply in the calculation of the participantâs final compensation. (c) Subject to the results of the actuarial analysis and the requirement that the program be cost neutral, the implementing ordinance may provide that some or all of the following amounts shall also be credited monthly to the participantâs program account: (1) Some or all of the normal member contributions under this chapter made by, or on behalf of, the participant during the program period. (2) Some or all of the employer contributions to the system made on account of the participant during the program period. (3) Some or all of the annual cost-of-living adjustments the member would have received if the member had retired for service on the election date and selected an unmodified allowance. (4) Interest. If the implementing ordinance provides for the crediting of interest, it shall be credited semiannually at a rate that is equal to: (A) the interest rate, if any, applicable to employee contributions to the system, or (B) a fixed rate specified in the implementing ordinance, or (C) a rate determined semiannually by the retirement board.
Frequently Asked Questions About California § 31772
What does Public Contract Code - PCC § 31772 cover?
Section 31772 ("A program account shall be established within the system for each participant. No") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 31772?
A common citation format is "Public Contract Code - PCC § 31772" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 31772 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.