Chapter 7. Participation Accounts of California Government Code >> Division 5. >> Title 2. >> Part 8. >> Chapter 7.

(a) Contributions made to the plan by the participant shall be credited to the participant's account.
  (b) Subject to the terms and conditions established by the board, a participant may elect to have all or a portion of the participant's account in one or more investment fund options available under the plan.

In the case of a contribution that is made under a mistake of fact, nothing in this part shall prohibit the return of that contribution to the participant within one year after discovery of the mistake.

The net earnings of the applicable investment fund option available under the plan shall be allocated to the participant's account as of each valuation date.

The value of each participant's account shall be determined at least once annually in a manner prescribed by the board.

A participant shall receive a statement that displays the value, or balance, of the participant's account and summarizes any credits to the account or other transactions.