89600 Vsa Software Download

89600. This chapter shall be known and may be cited as the OptionalRetirement Program.89601. In order to encourage qualified teachers to enter and remainin service with the California State University, an optionalretirement program is authorized by this chapter. The optionalretirement program may be established on or after July 1, 1991, by aprovision adopting this chapter in a memorandum of understandingwhich is entered into by the trustees pursuant to Chapter 12(commencing with Section 3560) of Division 4 of Title 1 of theGovernment Code. However, no other provision of this chapter issubject to the control of any memorandum of understanding. Theoptional retirement program shall become operative on the July 1which immediately follows the receipt by the Public Employees'Retirement System of a notice of the adoption of this chapter and acopy of the memorandum of understanding.89602. Under this optional retirement program, the trustees shalloffer eligible employees contracts, certificates, or investment fundsproviding retirement and death benefits, funded through annuities orinvestment fund options. The state and eligible employees electingthis optional retirement program shall contribute to the optionalretirement program to the extent authorized or required by thischapter. Benefits under the contracts, certificates, or investmentfunds are owned by the participants.

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