(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effective date of retirement under this part, again elect to redeposit accumulated retirement contributions previously withdrawn or returned, in accordance with Section 23200 and all the laws, rules, and regulations pertaining thereto.
(Amended by Stats. 2024, Ch. 117, Sec. 4. (AB 2770) Effective January 1, 2025.)