(a) The employer may discontinue providing the Cash Balance Benefit Program at anytime in accordance with the terms and conditions of the employer’s governing board’s formal action to provide the program.
(b) The employer shall notify the system of the decision to discontinue the plan no less than 90 calendar days prior to the effective date of discontinuance. Such notice shall be submitted on a form prescribed by the system.
(Amended by Stats. 1998, Ch. 1048, Sec. 50. Effective January 1, 1999.)