Any deposit of contributions for a member service credit election pursuant to Government Code section 21073.1, to be made in installments, must be made by payroll deduction upon such installment plan as may be elected by the member, subject to the following conditions:
For purposes of this section, the interest rate provided in subsection (d) shall be applied from the effective date of the member's election through the completion of payments.
An installment plan adopted by a member may be modified to extend the period of payment upon the Board's finding that the existing plan is effecting a hardship for the member provided, however, that the plan as extended does not result in a total number of deductions, including the number already paid, exceeding the maximum permitted under this section and otherwise complies with this section.
Cal. Code Regs. Tit. 2, § 575.2
2. Amendment of introductory paragraph, new subsection (d) and new penultimate paragraph filed 7-6-2006; operative 8-5-2006 (Register 2006, No. 27).
Note: Authority cited: Sections 20120, 20121 and 21073.1, Government Code. Reference: Section 21073.1, Government Code.
2. Amendment of introductory paragraph, new subsection (d) and new penultimate paragraph filed 7-6-2006; operative 8-5-2006 (Register 2006, No. 27).