Ed. Code, § 26604 · Chapter 7. Employee and Employer Accounts
Ed. Code, § 26604
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Beginning June 1, 1996, prior to the Cash Balance Plan becoming effective, and prior to the beginning of each plan year thereafter, the board, by plan amendment with respect to the Cash Balance Benefit Program, shall declare the minimum interest rate for crediting employee accounts and employer accounts with respect to the Cash Balance Benefit Program during the following plan year.
(b) All interest shall be computed at the minimum interest rate on the balance of the employee account and the employer account and shall be compounded daily.
(c) Interest shall not be credited to employee accounts and employer accounts that have been transferred to the Annuitant Reserve for payment of an annuity.
Notes and commentary — not statutory text
History
Amended by Stats. 2016, Ch. 218, Sec. 43. (SB 1352) Effective January 1, 2017.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=26604.
- Text hash
- sha256 7dbdfdc87b65a31ec2b6fee8bdccd6aac60b18e54b62d964250acd40a0be5b24
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.