County Employees Retirement Law of 1937 (CERL) - sdcera

thereof within this state, to process and issue payments by check or electronic fund transfer.
(Amended by Stats. 1995, Ch. 584 (A.B. 1021), Sec. 6)
(Amended by Stats. 1996, Ch. 493 (S.B. 792), Sec. 5)
§31591. Interest credits; rate; termination of interest on cessation of membership
(a) Regular interest shall be credited semiannually on June 30th and December 31st to all
contributions in the retirement fund which have been on deposit for six months immediately
prior to that date. Interest at the rate of 2 1/2 percent per annum, until otherwise determined
by the board, compounded semiannually, shall be used in the calculation of benefits under any
mortality table adopted by the board of supervisors.
(b) No interest shall be credited to a member’s account after the membership of the
member in the retirement association has ceased, except under the following circumstances:
(1) The former member has left his or her accumulated contributions in the retirement
fund and has either elected in writing a deferred retirement allowance, or is eligible to so elect
under Section 31700 but has failed to do so.
(2) The surviving spouse of a deceased member or the legally appointed guardian of
the member’s unmarried children under age 18 has elected to leave a death benefit on deposit
as provided for in Section 31781.2.
(3) The former member, regardless of service, has left his or her accumulated
contributions in the retirement fund and has not terminated employment.
(Amended by Stats. 1995, Ch. 457 (A.B. 847), Sec. 1)
(Amended by Stats. 1997, Ch. 43 (S.B. 419), Sec. 1)
§31592. Excess interest as reserve against contingencies
Earnings of the retirement fund during any year in excess of the total interest credited
to contributions and reserves during such year shall remain in the fund as a reserve against
deficiencies in interest earnings in other years, losses on investments and other contingencies,
except as provided in Sections 31529.5 and 31592.2
(Amended by Stats. 1977, Ch. 202, Sec. 2)
§31592.2. Excess interest; disposition
In any county, earnings of the retirement fund during any year in excess of the total
interest credited to contributions and reserves during such year shall remain in the fund as
a reserve against deficiencies in interest earnings in other years, losses on investments, and
other contingencies, except that, when such surplus exceeds 1 percent of the total assets of the
retirement system, the board may transfer all, or any part, of such surplus in excess of 1 percent
of the said total assets into county advance reserves for the sole purpose of payment of the cost
of the benefits described in this chapter.
Where the board of supervisors has provided for the payment of all, or a portion, of
the premium, dues, or other charges for health benefits, Medicare, or the payment of accrued
sick leave at retirement to or for all, or a portion, of officers, employees, and retired employees
and their dependents, from the county general fund or other sources, the board of retirement
may authorize the payment of all, or a portion, of payments of the benefits described in this
paragraph from the county advance reserves.
(Amended by Stats. 1980, Ch. 1116, Sec. 1, Effective September 26, 1980)
§31592.3. Excess earnings; reserve; transfer to increase retirement allowance
In any county, earnings of the retirement fund, in excess of the total interest credited to
contributions and reserves shall remain in the fund as a reserve against deficiencies in interest
Article 5, §31590. - §31592.3. 132