Amended by Stats. 2019, Ch. 330, Sec. 3. (SB 782) Effective January 1, 2020.
Notwithstanding any other provision of this part or of Section 12438 or 16302.1 to the contrary, the following shall apply:
(a)When there has been a payment of death benefits, a return of accumulated contributions, a contribution adjustment, or a deposit of contributions, this system may refrain from collecting an underpayment of accumulated contributions if the amount to be collected is two hundred fifty dollars ($250) or less.
(b)When there has been a payment of death benefits, a return of accumulated contributions, a contribution adjustment, or a deposit of contributions, and there is a balance of fifty
dollars ($50) or less remaining posted to a member’s individual account, or an overpayment of fifty dollars ($50) or less was received, this system may dispense with a return of accumulated contributions.
(c)When there is a positive or negative balance of two hundred fifty dollars ($250) or less remaining posted to a member’s individual account, or the balance exceeds two hundred fifty dollars ($250) but the difference to the monthly allowance unmodified by any optional settlement is less than five dollars ($5), this system may dispense with any recalculation of, or other adjustment to, benefit payments.
(d)The dollar amounts specified in subdivisions (a) and (c) shall be adjusted in accordance with any changes in the dollar amounts specified in Section
12438.
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