PART 7. STATE PEACE OFFICERS' AND FIREFIGHTERS' DEFINED CONTRIBUTION PLAN
Part 7 added by Stats. 1998, Ch. 820, Sec. 11.
§§ 22960–22960.99 · 77 sections
CHAPTER 1. General Provisions §§ 22960–22960.4 · 6 sections
- § 22960 (a) The State Peace Officers’ and Firefighters’ Defined Contribution Plan is hereby established for state peace officer and firefighter members in Bargaining…
- § 22960.05 The plan is intended to constitute a governmental plan as defined by Section 414(d) of the Internal Revenue Code (26 U.S.C. Sec. 414(d)) and, as such, the plan…
- § 22960.1 The State Peace Officers’ and Firefighters’ Defined Contribution Plan shall supplement the benefits provided under Part 3 (commencing with Section 20000).
- § 22960.2 (a) The State Peace Officers’ and Firefighters’ Defined Contribution Plan is a qualified money purchase pension plan under Section 401(a) of Title 26 of the…
- § 22960.3 If any provision of this part or application thereof to any person or circumstance is held invalid, that invalidity shall not affect other provisions or…
- § 22960.4 (a) The Legislature finds and declares that an agreement between the exclusive representative of state peace officer and firefighter members in State…
CHAPTER 2. Definitions §§ 22960.10–22960.32 · 23 sections
- § 22960.10 “Account” means the account maintained with respect to the participant which reflects that aggregate value of the following amounts credited to the…
- § 22960.11 “Beneficiary” means any person or persons designated by the participant pursuant to this part, or otherwise entitled by statute, to receive distributions from…
- § 22960.12 “Board” means the Board of Administration of the California Public Employees’ Retirement System.
- § 22960.13 “Compensation” means the total amount paid to an employee for a plan year as required to be reported on the employee’s Internal Revenue Service form W-2 for…
- § 22960.14 “Disability” means a disability as determined by the board pursuant to Section 21156.
- § 22960.15 “Eligible employee” means any person employed by the state, whose compensation is paid out of funds directly controlled by the state, and who is subject to…
- § 22960.16 “Employee contribution” means the amount withheld from the participant’s compensation by the employer as a contribution to the participant’s account in the…
- § 22960.17 “Employee contribution rate” means the percentage of the participant’s compensation to be withheld by the employer as an employee contribution to the plan.
- § 22960.18 “Employer” means the State of California.
- § 22960.19 “Employer contribution” means the amount contributed by the employer to the participant’s account in the plan.
- § 22960.20 “Employer contribution rate” means the percentage of the participant’s compensation to be contributed by the employer to the participant’s account in the plan.
- § 22960.21 “Fund” means the State Peace Officers’ and Firefighters’ defined Contribution Plan Fund.
- § 22960.22 “Net earnings” means the income earned, or losses incurred, on the State Peace Officers’ and Firefighters’ Defined Contribution Plan Fund, less the costs of…
- § 22960.23 “Normal retirement age” means the age at which the participant is eligible for a retirement benefit without special qualifications and is the age of 50 years…
- § 22960.24 “Participant” means an employee who is subject to coverage by the plan, and who has contributions credited under the plan.
- § 22960.25 “Plan” means the State Peace Officers’ and Firefighters’ Defined Contribution Plan.
- § 22960.26 “Plan year” means the 12-month period commencing on any January 1 and ending on the following December 31.
- § 22960.27 “Retirement” means termination of all employment for the employer and completion of all conditions precedent to receiving a distribution for retirement.
- § 22960.28 “Spouse” means the person married to the participant on the date the participant files a beneficiary designation, or an application for a distribution from the…
- § 22960.29 “State peace officers and firefighters” means those persons included in the definition of “state peace officer/firefighter member” pursuant to Article 3…
- § 22960.30 “System” means the Public Employees’ Retirement System.
- § 22960.31 “Termination” means termination of employment by reason of separation from all service for the employer.
- § 22960.32 “Valuation date” means the date as of which the assets of the fund are valued.
CHAPTER 3. Administration of the Plan §§ 22960.35–22960.40 · 6 sections
- § 22960.35 (a) Except as provided in this part, the plan shall be administered by the board in conformity with its powers and duties for administration of the system as…
- § 22960.36 (a) The board shall adopt a trust instrument embodying the material terms and conditions of the plan consistent with this part and the applicable provisions of…
- § 22960.37 In administering the plan, the officers and employees of the system shall discharge their duties with respect to the plan solely in the interest of the…
- § 22960.38 With regard to the plan, the board shall not engage in any transaction prohibited by Section 503(b) of Title 26 of the United States Code.
- § 22960.39 The board may require a third-party administrator, recordkeeper, custodian, or investment manager that is contracted with, or appointed by the system, to be…
- § 22960.40 Data filed by any participant or beneficiary with the board is confidential, and no individual record shall be divulged by any official or employee having…
CHAPTER 4. The Fund §§ 22960.45–22960.52 · 8 sections
- § 22960.45 The State Peace Officers’ and Firefighters’ Defined Contribution Plan Fund is hereby established as a special trust fund in the State Treasury to accept…
- § 22960.46 The board shall have exclusive control of the investment of the fund.
- § 22960.47 Notwithstanding any other provision of law, the board may retain a bank or trust company to serve as a custodian for safekeeping, recordkeeping, delivery,…
- § 22960.48 Notwithstanding Section 13340, all moneys in the fund are continuously appropriated, without regard to fiscal years or plan years, to the board to carry out…
- § 22960.49 All costs of the plan shall be charged against the plan participants accounts.
- § 22960.50 The assets of the fund shall be valued annually, and may be valued more frequently as prescribed by the board.
- § 22960.51 No part of the assets of the fund may revert to the employer until all liabilities of the plan have been fully satisfied.
- § 22960.52 Consistent with the requirements of Section 401(a)(2) of the Internal Revenue Code (26 U.S.C. Sec. 401(a)(2)), the corpus or income of the plan’s trust shall…
CHAPTER 5. Eligibility § 22960.55 · 1 section
- § 22960.55 (a) Any person who is an eligible employee on the effective date of the plan, as set forth in the memorandum of understanding, shall become a participant on…
CHAPTER 6. Contributions §§ 22960.60–22960.63 · 4 sections
- § 22960.60 (a) Employer and employee contribution rates may be determined by the terms of the memorandum of understanding applicable to each plan participant and the…
- § 22960.61 The employer shall pick up, for the sole purpose of and in accordance with the requirements of Section 414(h)(2) of Title 26 of the United States Code and…
- § 22960.62 Pursuant to terms and conditions established by the board, a participant may be permitted to transfer funds from an eligible retirement plan into the plan to…
- § 22960.63 (a) Notwithstanding any other provision of law or contract to the contrary, contributions to the plan shall be subject to the applicable limitations imposed by…
CHAPTER 7. Participant Accounts §§ 22960.65–22960.69 · 5 sections
- § 22960.65 (a) Any contributions made by the participant to the plan shall be credited to the participant’s account. (b) Contributions made by the employer on behalf of…
- § 22960.66 In the case of a contribution that is made under a mistake of fact, nothing in this part shall prohibit the return of that contribution within one year after…
- § 22960.67 The net earnings of the fund shall be allocated to the participant’s account as of each valuation date in the ratio that the participant’s account balance…
- § 22960.68 The value of each participant’s account shall be determined at least once annually in a manner prescribed by the board.
- § 22960.69 A participant shall receive a statement that displays the value, or balance, of the participant’s account and summarizes any credits to the account or other…
CHAPTER 8. Rights to Benefits §§ 22960.70–22960.71 · 2 sections
- § 22960.70 A participant has a vested right to 100 percent of the value of the participant’s account. The right accrues when the person becomes a participant.
- § 22960.71 The right of a participant to a benefit is not subject to execution or any other process whatsoever, except to the extent permitted by Section 704.110 of the…
CHAPTER 9. Community Property §§ 22960.75–22960.79 · 5 sections
- § 22960.75 (a) Upon the legal separation or dissolution of marriage of a participant, the court shall include in the judgment or a court order the date on which the…
- § 22960.76 For purposes of this chapter, “nonparticipant spouse” means the spouse or the former spouse of the participant, who as a result of petitioning the court for…
- § 22960.77 (a) The nonparticipant spouse shall have the right to a lump-sum distribution of the amounts credited to his or her account. (b) The nonparticipant spouse…
- § 22960.78 (a) A nonparticipant spouse may apply for a retirement benefit, provided the participant or the nonparticipant spouse has attained the normal retirement age.…
- § 22960.79 A nonparticipant spouse who is entitled to a distribution for retirement that equals or exceeds five thousand dollars ($5,000), may elect to receive the…
CHAPTER 10. Beneficiary Designation §§ 22960.80–22960.83 · 4 sections
- § 22960.80 The participant may designate any person or persons as beneficiaries to receive any amount that may be payable upon the death of the participant pursuant to…
- § 22960.81 Notwithstanding Section 22960.80, the participant’s beneficiary designation shall not be given effect and shall be overridden to the extent that such a…
- § 22960.82 Unless otherwise provided in the beneficiary designation form, each designated beneficiary shall be entitled to equal shares of the lump-sum distribution that…
- § 22960.83 In the event the participant dies without a valid beneficiary designation on file, or if no designated beneficiary survives the participant, any balance…
CHAPTER 11. Benefits §§ 22960.85–22960.92 · 8 sections
- § 22960.85 (a) Upon separation from all service for the employer for any reason other than death, disability, or retirement, a participant is entitled to a lump-sum…
- § 22960.86 (a) Upon separation from all service for the employer, a participant may apply for a retirement benefit, provided the retirement date is no earlier than the…
- § 22960.87 (a) A disability benefit shall become payable to a participant only upon the participant’s separation from all service for the employer and upon a…
- § 22960.88 (a) Upon receipt of proof of a participant’s death, the beneficiary or beneficiaries shall be entitled to a death benefit that is a lump-sum distribution of…
- § 22960.89 Any participant who is entitled to a distribution for retirement or disability that equals or exceeds five thousand dollars ($5,000), may elect to receive the…
- § 22960.90 A beneficiary who is the spouse of the participant and who is entitled to a distribution that equals or exceeds five thousand dollars ($5,000), may elect to…
- § 22960.91 A beneficiary who is not the spouse of the participant, and who is entitled to a distribution that equals or exceeds five thousand dollars ($5,000), may elect…
- § 22960.92 The board may contract with an insurance, annuity, mutual fund, or any other qualified company to provide annuities to participants pursuant to Section…
CHAPTER 12. Distributions §§ 22960.95–22960.99 · 5 sections
- § 22960.95 Notwithstanding any other provision of this part, a participant, nonparticipant spouse, or beneficiary shall not be permitted to elect a distribution under…
- § 22960.96 (a) Distributions from the plan shall be made as soon as practicable after the first valuation date immediately following the date of the application. (b)…
- § 22960.97 If a person becomes entitled to a distribution from the plan that constitutes an eligible rollover distribution within the meaning of Section 401(a)(31) of…
- § 22960.98 Except as otherwise provided in this part, all distributions shall be made directly from the fund to the participant or beneficiary. To the extent required by…
- § 22960.99 (a) The plan’s obligations to a participant, beneficiary, or nonparticipant spouse who has applied for a lump-sum benefit cease upon distribution of the…