State teachers' retirement: account statements.

The State Teachers' Retirement Law creates the State Teachers' Retirement System (STRS) for the purpose of providing retirement benefits to teachers and other people employed in connection with the schools. STRS is administrated by the Teachers' Retirement Board, which is required to issue each active and inactive member, no less frequently than annually, as specified, a statement of the member's individual Defined Benefit Program and Defined Benefit Supplement Program accounts, if the system has the member's mailing address. Existing law permits the board to make the account statement available by secured access through the system's Internet Web site. Existing law creates the Cash Balance Benefit Program, also referred to as the cash balance plan, administrated by the Teachers' Retirement Board, to provide a retirement plan for teachers working less than half time. Existing law requires the board, in connection with the cash balance plan, to provide each participant a statement regarding the balance of his or her account with the plan at the close of the year, as specified. This bill would permit the board to make an electronic delivery of the account statements described above, subject to specified requirements. The bill would permit the system to designate electronic delivery of the account statements the default method by which active and inactive members and participants receive the information in the statements. The bill would require the system to notify the affected parties that they have the right to request delivery by mail, and that unless the affected party elects, in a manner specified by the board, delivery will be provided electronically. The bill would provide that, until this designation is made, delivery by mail is the default delivery method, except as specified. The bill would apply similar authorizations and requirements regarding electronic delivery of communications and other actions to provisions regarding refund of retirement contributions, redeposit of retirement contributions, and the purchase of service credit. If specified provisions mandate that actions be taken within a certain number of days of a mailing date and electronic delivery has been substituted for mail, the bill would require that date of electronic delivery be substituted for mailing date for purposes of measuring when those actions are to be taken.