CA SB939

Requires CalPERS members with elections effective on or after January 1, 2028, to pay outstanding service credit balances within 90 days of retirement or death notification, or have their service credit reduced proportionally to any unpaid amount

Limits the option to reduce retirement allowances by the actuarial equivalent of unpaid balances to elections made between January 1, 2020, and January 1, 2028

Applies the 90-day payment requirement to survivors and beneficiaries receiving death benefit notifications for elections effective on or after January 1, 2028

Makes all contributions or service credit adjustments required by law or agreement with effective dates on or after January 1, 2028, due and payable at retirement or preretirement death

Eliminates the option to continue payroll-style deductions from retirement allowances for unpaid service credit balances under elections effective January 1, 2028, or later