(a) Notwithstanding any other provision of this part or Part 14 (commencing with Section 26000) to the contrary, the board may establish by plan amendment a specified amount or amounts, not to exceed ten dollars ($10), below which the system may dispense with:
(1) The processing of a benefit payment, an annuity payment, or any other payment, including adjustments to those payments, payable to a member, participant, or beneficiary.
(2) The collection of a benefit overpayment, annuity overpayment, or any other overpayments paid to a member, participant, or beneficiary.
(b) When the cumulative dollar amount associated with one or more benefit payments or overpayments, annuity payments or overpayments, or other payments or overpayments equals or exceeds the amount described in subdivision (a), that amount shall be paid to, or collected from, the member, participant, or beneficiary. That cumulative amount paid or collected shall not be credited with interest.
(Amended by Stats. 2015, Ch. 123, Sec. 7. (AB 991) Effective January 1, 2016.)