California SB939 modifies rules for public employees' retirement service credit payments, including installment payment deadlines and conditions for.

California SB939 amends the Government Code to adjust the rules for public employees' retirement service credit payments. Effective January 1, 2004, members can elect to receive service credit by contributing in installments, with specific deadlines for lump-sum or installment payments. For elections made on or after January 1, 2028, payments must be received by the system within 90 days of the member's retirement effective date or the notification of balance due. If the balance is not paid, the service credit is adjusted proportionally.

California SB939 modifies rules for public employees' retirement service credit payments, including installment payment deadlines and conditions for.

California SB939 amends the Government Code to adjust the rules for public employees' retirement service credit payments. Effective January 1, 2004, members can elect to receive service credit by contributing in installments, with specific deadlines for lump-sum or installment payments. For elections made on or after January 1, 2028, payments must be received by the system within 90 days of the member's retirement effective date or the notification of balance due. If the balance is not paid, the service credit is adjusted proportionally.