Cash Balance Benefit Program: member election: filing timeframe.

Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. Existing law also creates the Cash Balance Benefit Program to provide a retirement plan for the benefit of participating employees who provide creditable service for less than 50% of full time. Existing law requires that the election to become a participant of the Cash Benefit Balance Program be made in writing on a properly executed form prescribed by STRS and filed with the employer within 60 calendar days of the latest of specified dates, including the first day of employment. Existing law authorizes a member who elects to participate in the Cash Balance Benefit Program to subsequently elect that creditable service performed for the employer be subject to coverage by the Defined Benefit Program in lieu of the Cash Balance Benefit Program on a properly executed form, as prescribed. Existing law requires these election forms to be received at the STRS headquarters office within 60 calendar days after the date of the employee's signature and prior to the submission of contributions. This bill would extend the above-described periods for filing the election forms to 90 days, as specified, and would also extend the timeframe for receipt of the forms at the STRS headquarters office to within 90 days of signature.