(a) A member who elects pursuant to Section 22508.6 to have his or her state service subject to coverage by the Defined Benefit Program shall receive additional service credit for the time spent subject to coverage by the Public Employees’ Retirement System between July 1, 1991, and the effective date of the election.
(b) A member described in subdivision (a) shall pay all contributions with respect to his or her state service as a member of the Public Employees’ Retirement System at the contribution rate for additional service credit, adopted by the board as a plan amendment, in effect at the time of the election. Contributions shall be made in a lump sum or in not more than 120 monthly installments, not to exceed ten years. Payment shall be made or shall commence within 120 days after the date of the election. No installment, except the final installment, shall be less than twenty-five dollars ($25). The member may not be credited with any service pursuant to this section until the contributions have been paid in full.
(c) If the member is employed to perform creditable service at the time of the election, the contributions shall be based upon the compensation earnable in the current school year or either of the two immediately preceding school years, whichever is highest.
(d) If the member is not employed to perform creditable service at the time of the election, the contributions shall be based upon the compensation earnable in the last school year of credited service or either of the two immediately preceding school years, whichever is highest.
(e) The total amount of contributions due from the member under subdivision (b) shall be reduced by the amount received from the Public Employees’ Retirement System pursuant to Section 20309.5 of the Government Code. Under no circumstances may the assets received from the Public Employees’ Retirement System, pursuant to that section, be allocated or awarded to individual members or their spouses or beneficiaries.
(Amended by Stats. 2003, Ch. 859, Sec. 11. Effective January 1, 2004.)
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