Public employees' retirement.

The Public Employees' Retirement Law provides a comprehensive set of rights and benefits based upon age, service credit, and final compensation. Under the Public Employees' Retirement Law, members may elect to receive service credit for various types of public service, and this election is effective only if an appropriate payment, or authorization for payment, of the contributions and interest required for the credit is made. That law calculates retirement benefits, in part, based on years of creditable service and authorizes a member to receive additional service credits, as specified. This bill would authorize a member authorized to pay for credit for service in after-tax installments to elect in writing, including by verified electronic transaction, at any time prior to retirement, to suspend after-tax installment payments for a period not to exceed 12 months or to prospectively cancel payment of the remaining unpaid balance for those installment payments, as specified. The bill would require that installment payments automatically resume at the end of the suspension period, or earlier if requested by the member. The bill would prohibit an additional suspension of those installment payments for the same service for 3 years following the resumption of installment payments. The bill would require that the balance due at the end of a suspension period be recalculated to include interest accrued during the suspension. The bill would additionally authorize the board to cancel payment of the remaining unpaid balance for those installment payments if the member fails to make after-tax installment payments when due for a period of 12 months. The bill would authorize a member to elect to purchase that portion of the service credit not credited to the member's account as a result of cancellation, as specified.