| (a) If a contribution that would otherwise be credited to the member's individual account in the system is deposited after the member's effective retirement date, the retirement annuity shall be recalculated in accordance with this section. (b) The following deposits shall be treated as additional accumulated contributions for purposes of recalculating the retirement annuity: (1) employee contributions attributable to compensation for services performed while a member of the system but deposited within 60 days after the effective retirement date of the member; (2) employee contributions attributable to compensation for services performed while a member of the system but deposited within 60 days after the death of a deceased member; and, (3) employee contributions deposited as a result of a correction of a reporting error made in accordance with the Government Code, §842.112. (c) A retirement annuity subject to this section will be recalculated as of the effective retirement date by taking into account the additional accumulated contributions and the related increases in current service credit and matching credit. The recalculated retirement annuity will be based on the age of the retiree (and the age of the beneficiary in the case of a joint and survivor option) as of the effective retirement date. (d) The recalculated retirement annuity is payable only prospectively beginning with the month following the month in which the retirement system receives the deposit. |
