PART 8. SUPPLEMENTAL CONTRIBUTIONS PROGRAM
Part 8 added by Stats. 1999, Ch. 307, Sec. 4.
§§ 22970–22970.89 · 61 sections
CHAPTER 1. General Provisions §§ 22970–22970.3 · 4 sections
- § 22970 (a) The Supplemental Contributions Program is hereby established to be a defined contribution plan within the meaning of subsection (i) of Section 414 of Title…
- § 22970.1 The benefits provided under the Supplemental Contributions Program shall supplement the benefits provided under Part 3 (commencing with Section 20000) and…
- § 22970.2 The design and administration of the Supplemental Contributions Program shall conform with the applicable provisions of Title 26 of the United States Code and…
- § 22970.3 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…
CHAPTER 2. Definitions §§ 22970.10–22970.26 · 18 sections
- § 22970.10 “Account” means the account maintained with respect to the participant that reflects the aggregate value of the following amounts credited to the participant:…
- § 22970.11 “Beneficiary” means any person or persons designated by the participant pursuant to this part, or otherwise entitled by statute, to receive distributions from…
- § 22970.12 “Board” means the Board of Administration of the Public Employees’ Retirement System.
- § 22970.13 “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…
- § 22970.14 “Disability” means a disability of permanent or extended and uncertain duration, as determined by the board.
- § 22970.15 “Early retirement age” means the age at which the participant attains age 50 or qualifies for early retirement under Part 3 (commencing with Section 20000).
- § 22970.16 (a) “Eligible employee” means: (1) A person employed by the state, the university, a school employer, or a contracting agency who is a member of the system as…
- § 22970.17 “Employee contribution” means the amount contributed by the participating employee to his or her account in the plan.
- § 22970.175 “Employer” means any city, county, city and county, district, school district, community college district, county superintendent of schools, or other public…
- § 22970.18 “Fund” means the Supplemental Contributions Program Fund.
- § 22970.19 “Net earnings” means the income earned, or losses incurred, after asset management fees, on the applicable investment fund options offered under the…
- § 22970.20 “Participant” means an eligible employee who has contributions credited under the plan.
- § 22970.21 “Plan” means the Supplemental Contributions Program.
- § 22970.22 “Plan year” means the 12-month period commencing on any January 1 and ending on the following December 31.
- § 22970.23 “Retirement” means termination of all employment for the employer and completion of all conditions precedent to receiving a distribution for retirement.
- § 22970.24 “System” means the Public Employees’ Retirement System.
- § 22970.25 “Termination” means termination of employment by reason of separation from all service for all employers that participate in the system.
- § 22970.26 “Valuation date” means the date as of which the assets of the fund are valued.
CHAPTER 3. Administration of the Plan §§ 22970.30–22970.33 · 4 sections
- § 22970.30 (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…
- § 22970.31 (a) The board shall adopt a plan instrument embodying the material terms and conditions of the plan consistent with this part and the applicable provisions of…
- § 22970.32 With regard to the plan, the board shall not engage in any transaction prohibited by subsection (b) of Section 503 of Title 26 of the United States Code.
- § 22970.33 The board may require a third-party administrator, recordkeeper, custodian, or investment manager that is contracted with, or appointed by, the system to be…
CHAPTER 4. The Fund §§ 22970.40–22970.44 · 5 sections
- § 22970.40 The Supplemental Contributions Program Fund is hereby established as a special trust fund in the State Treasury to accept participant contributions to the plan.
- § 22970.41 The board shall have control of the investment of the assets of the fund.
- § 22970.42 Notwithstanding any other provision of law, the board may retain a bank or trust company to serve as a custodian for safekeeping, recordkeeping, delivery,…
- § 22970.43 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…
- § 22970.44 The assets of the fund shall be valued annually, and may be valued more frequently as prescribed by the board.
CHAPTER 5. Eligibility § 22970.50 · 1 section
- § 22970.50 Any person who is an eligible employee may elect, in a manner prescribed by the board, to participate in the plan.
CHAPTER 6. Contributions §§ 22970.55–22970.58 · 4 sections
- § 22970.55 (a) Employee after-tax contributions to the plan shall be made solely at the option of the participant. (b) Employee contributions may be made directly by the…
- § 22970.56 (a) Notwithstanding any other provision of law to the contrary, contributions to the plan shall be subject to the applicable limitations imposed by Section 415…
- § 22970.57 (a) There shall be no employer contributions to the plan. (b) There shall be no employer payment of participant contributions on behalf of a participant in…
- § 22970.58 The board may permit a participant to transfer funds, including eligible rollover contributions, from an eligible retirement plan into this plan to the extent…
CHAPTER 7. Participation Accounts §§ 22970.60–22970.64 · 5 sections
- § 22970.60 (a) Contributions made to the plan by the participant shall be credited to the participant’s account. (b) Subject to the terms and conditions established by…
- § 22970.61 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 to the participant…
- § 22970.62 The net earnings of the applicable investment fund option available under the plan shall be allocated to the participant’s account as of each valuation date.
- § 22970.63 The value of each participant’s account shall be determined at least once annually in a manner prescribed by the board.
- § 22970.64 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 Allocations §§ 22970.65–22970.66 · 2 sections
- § 22970.65 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.
- § 22970.66 The right of a participant to allocations to the participant’s account is not subject to execution or any other process whatsoever, except to the extent…
CHAPTER 9. Community Property §§ 22970.70–22970.72 · 3 sections
- § 22970.70 (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…
- § 22970.71 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…
- § 22970.72 The nonparticipant spouse shall have the right to a lump sum distribution of the amount awarded to the nonparticipant spouse by the judgment or court order.
CHAPTER 10. Beneficiary §§ 22970.75–22970.78 · 4 sections
- § 22970.75 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…
- § 22970.76 Notwithstanding Section 22970.75, the participant’s beneficiary designation shall not be given effect and shall be overridden to the extent that such a…
- § 22970.77 Unless otherwise provided in the beneficiary designation form, each designated beneficiary shall be entitled to equal shares of the lump sum distribution that…
- § 22970.78 In the event the participant dies without a valid beneficiary designation on file, any balance remaining in the participant’s account shall be payable to the…
CHAPTER 11. Eligibility for Distribution §§ 22970.80–22970.84 · 5 sections
- § 22970.80 (a) Upon termination for any reason other than death, disability, or retirement, a participant is entitled to a lump sum distribution of the balance of the…
- § 22970.81 (a) Upon termination, a participant may apply for a distribution for retirement, provided the retirement date is no earlier than the date on which the…
- § 22970.82 (a) Upon termination, a participant may apply for a distribution for disability. A distribution for disability shall become payable only upon a determination…
- § 22970.83 (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…
- § 22970.84 (a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms: (1) A single lump sum payment.…
CHAPTER 12. Distributions and Rollovers §§ 22970.85–22970.89 · 6 sections
- § 22970.85 Notwithstanding any other provision of this part, a participant or beneficiary shall not be permitted to elect a distribution under this part that does not…
- § 22970.855 The board may permit a participant to withdraw some or all of his or her after-tax contributions without requiring the participant to terminate from the plan…
- § 22970.86 (a) Distributions from the plan shall be made as soon as practicable after the first valuation date immediately following the date of the request for…
- § 22970.87 (a) If a person becomes entitled to a distribution from the plan that constitutes an eligible rollover distribution within the meaning of paragraph (31) of…
- § 22970.88 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…
- § 22970.89 (a) The plan’s obligations to a participant, beneficiary, or nonparticipant spouse who elected a lump-sum distribution cease upon distribution of the lump-sum…