(a) Except as otherwise provided in Section 31490.5 or 31490.6, there shall be no general members’ contributions under the plan created by this article.
(b) A member who transfers to the retirement plan created by this article shall have refunded, within a reasonable period of time, not to exceed nine months from the date of receipt of election to transfer by the board, the member’s accumulated contributions, together with interest thereon, which are credited to the member’s account. Interest shall be credited to the June 30 or December 31 date, whichever is later, immediately preceding the date of the refund warrant. A refund under this section shall be payable to the member.
(Amended by Stats. 2006, Ch. 117, Sec. 5. Effective January 1, 2007.)