SECTIONS 24750-24751 - California Statutes

EDUCATION CODE

SECTION 24750-24751

24750. Those members who took a refund of their accumulated
contributions from the former Los Angeles Unified School District
Retirement System or the former Los Angeles Community College
District Retirement System or the San Francisco Employees' Retirement
System, prior to July 1, 1972, and who have former Permanent Fund
contributions only on deposit related to former local system service
shall have those accumulated former Permanent Fund contributions on
deposit as of July 1, 1972, treated in the same manner as accumulated
retirement contributions of all nonlocal members. Upon discovery and
notification to those members, they shall do either of the
following:
(a) Redeposit all or a portion of the accumulated retirement
contributions required to bring the account into full balance with
regular interest prior to retirement under this part.
(b) Leave those former Permanent Fund accumulated contributions on
deposit and receive a reduced retirement allowance under the law as
it read on June 30, 1972.

24751. Those members who took a refund of their accumulated
retirement contributions from the former Los Angeles Unified School
District Retirement System or the former Los Angeles Community
College District Retirement System or the San Francisco Employees'
Retirement System, prior to July 1, 1972, and who also took a refund
of their Permanent Fund contributions from the State Teachers'
Retirement System with respect to the Defined Benefit Program, and
who redeposited their contributions in the local system but who did
not redeposit their Permanent Fund contributions in the State
Teachers' Retirement System with respect to the Defined Benefit
Program, shall redeposit all or a portion of the accumulated
retirement contributions required to bring the account into full
balance with regular interest from the date of refund to the date of
payment. The redeposit may be made immediately upon notification by
the system and shall be made prior to retirement under this part. The
redeposit shall be made in a lump sum or by installment payments as
specified by the chief executive officer.