SECTIONS 89600-89602 - California Statutes

EDUCATION CODE

SECTION 89600-89602

89600. This chapter shall be known and may be cited as the Optional
Retirement Program.

89601. In order to encourage qualified teachers to enter and remain
in service with the California State University, an optional
retirement program is authorized by this chapter. The optional
retirement program may be established on or after July 1, 1991, by a
provision adopting this chapter in a memorandum of understanding
which is entered into by the trustees pursuant to Chapter 12
(commencing with Section 3560) of Division 4 of Title 1 of the
Government Code. However, no other provision of this chapter is
subject to the control of any memorandum of understanding. The
optional retirement program shall become operative on the July 1
which immediately follows the receipt by the Public Employees'
Retirement System of a notice of the adoption of this chapter and a
copy of the memorandum of understanding.

89602. Under this optional retirement program, the trustees shall
offer eligible employees contracts, certificates, or investment funds
providing retirement and death benefits, funded through annuities or
investment fund options. The state and eligible employees electing
this optional retirement program shall contribute to the optional
retirement program to the extent authorized or required by this
chapter. Benefits under the contracts, certificates, or investment
funds are owned by the participants.