Redeposit Of Contributions - State Teachers' Retirement System - CA Education

Section § 23200

This section deals with the rules about putting back retirement savings into the California Defined Benefit Program after they've been taken out. If someone who got their retirement contributions refunded returns to the program, they can choose to pay back all or some of those funds, along with any interest from the time they took the money out until they decide to put it back. For nonmember spouses who took out these funds, the original member can also repay those funds under certain conditions, provided they aren't already getting other retirement benefits. If someone only wants to put back part of their refunded contributions, they'll only get retirement service credit for the portion they repay.

(a) If a person, whose accumulated retirement contributions have been refunded, again becomes a member of the Defined Benefit Program or is subject to Section 23201, the person may request to redeposit all or a portion of those contributions with regular interest from the date of refund to the date the system receives the request to redeposit.

(b) If a nonmember spouse, as defined in Section 22651, withdraws accumulated contributions in accordance with Section 22661, the member may redeposit all or a portion of those contributions pursuant to subdivision (a), providing they are not receiving an allowance under Chapter 26 (commencing with Section 24100) or Chapter 27 (commencing with Section 24201).

(c) If a member requests to redeposit a portion of all accumulated retirement contributions that were previously refunded subject to requirements imposed by the board, the member shall receive pro rata service credit in proportion to the amount redeposited.

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(Amended by Stats. 2024, Ch. 117, Sec. 2. (AB 2770) Effective January 1, 2025.)

Section § 23201

If you've previously taken out your retirement savings but want to reconnect your retirement plans with different systems, you can choose to pay back some or all of that money, including interest, to the retirement system even if you're no longer working in a position covered by the retirement plan. This can help you qualify for retirement benefits from multiple systems.

Any person whose accumulated retirement contributions were refunded, who wishes to establish concurrent membership, and who has received, or will qualify to receive, a retirement allowance from one or more of the retirement systems defined in Section 22115.2, may request to redeposit all or a portion of the accumulated retirement contributions that were refunded, with regular interest from the date of refund to the date the system receives the request to redeposit, without being employed to perform creditable service subject to coverage under the Defined Benefit Program.

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(Amended by Stats. 2024, Ch. 117, Sec. 3. (AB 2770) Effective January 1, 2025.)

Section § 23202

Before retiring, a member can choose to redeposit any retirement funds they've taken out. If they decide to do this, they must complete the paperwork and send it back to the retirement system within 35 days. If the payments aren't made within 120 days of when they're due, this election to repay and redeposit will be canceled. However, even if the election is canceled, a member can try again to redeposit these funds before they retire.

(a) An election pursuant to Section 23200 to redeposit accumulated retirement contributions may be made by a member anytime prior to the effective date of the member’s retirement under this part.

(b) An election to redeposit accumulated retirement contributions returned to the member shall be considered as an election to repay accumulated retirement contributions previously returned, up to but not exceeding the amount required to restore the total service credit returned, under the provisions of this chapter. A member shall sign and return the completed election to repay accumulated retirement contributions from the system to redeposit at a specific cost no later than 35 calendar days from the date of the offer.

(c) If any payment due because of this election is not received at the system’s headquarters office within 120 calendar days of its due date, the election shall be canceled. Upon the cancellation of election, the member shall receive credit for the payments made under the election or, at the request of the member, those payments shall be returned.

(d) If the election is canceled, the member may at any time prior to the effective date of retirement under this part, again elect to redeposit accumulated retirement contributions previously withdrawn or returned, in accordance with Section 23200 and all the laws, rules, and regulations pertaining thereto.

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(Amended by Stats. 2024, Ch. 117, Sec. 4. (AB 2770) Effective January 1, 2025.)

Section § 23203

If a member wants to put back the retirement contributions they previously took out, they need to pay all the contributions plus interest before retirement, as detailed in another section. If the retirement system can't tell the member or their beneficiary how much to pay before the retirement payments start, they have 30 working days to pay after getting the payment info or after the payments start, whichever is later. They must pay everything before any increased payments due to this redeposit. The member can pay all at once or in monthly installments, up to 120 months (10 years), but each installment has to be at least $25, except the last one. There's a timing rule that might change the deadline, linked to another section.

(a) A member who elects to redeposit refunded accumulated retirement contributions shall pay, prior to retirement, all contributions and interest as determined under Section 23200.

(b) If the system is unable to inform the member or beneficiary of the amount required to redeposit the refunded accumulated retirement contributions prior to the effective date of the applicable allowance, the member or beneficiary may make the required payment within 30 working days after the date of mailing of the statement of contributions and interest required or the effective date of the appropriate allowance, whichever is later, except as provided in subdivision (d). The payment shall be paid in full before a member or beneficiary receives any adjustment in the appropriate allowance due because of that payment.

(c) Redeposit of refunded accumulated retirement contributions shall be made in one sum, or in not more than 120 monthly installments, not to exceed ten years, provided that no installment, except the final installment, is less than twenty-five dollars ($25).

(d) The measurement of time within which a redeposit described in subdivision (b) shall be made is subject to Section 22337.

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(Amended by Stats. 2013, Ch. 459, Sec. 8. (AB 989) Effective January 1, 2014.)