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Defined Benefit Program; Regular interest   

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Note: There are two sections of code at 22162. This section shall become inoperative on June 30, 2010.

"Regular interest" means interest that is compounded annually based on the annual equivalent of the prior year's average yield to maturity on the investment-grade fixed income securities attributable to the Defined Benefit Program, but not on assets attributable to the Defined Benefit Supplement Program. The regular interest rate shall be adopted annually by the board as a plan amendment with respect to the Defined Benefit Program.

This section shall become inoperative on June 30, 2010, and, as of January 1, 2011, is repealed, unless a later enacted statute, that becomes operative on or before January 1, 2011, deletes or extends the dates on which it becomes inoperative and is repealed.

(Amended by Stats. 2009, Ch. 249, Sec. 1.)

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22162

Defined Benefit Program; Regular interest

Note: There are two sections of code at 22162. This section shall become operative on July 1, 2010.

"Regular interest" means interest that is equal to the actuarially assumed rate of return on investments on assets of the Defined Benefit Program. The regular interest rate shall be adopted annually by the board as a plan amendment with respect to the Defined Benefit Program.

This section shall become operative on July 1, 2010.

(Added by Stats. 2009, Ch. 249, Sec. 2.)