Section 20592 Of Article 5. Termination Of Contracts From California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 5. >> Article 5.
20592
. Notwithstanding any other provision of law, when all or part
of an employer's function is transferred to an entity that is not an
employer, the board may, by contract between the board, the
employer, and the succeeding entity, transfer all or part of the
assets and liabilities accumulated in this system by the employer to
the succeeding entity.
Members employed by that employer shall have an individual
election whether all accumulated contributions shall be transferred
to the succeeding entity or left on deposit with this system.
The accumulated contributions may be directly transferred to the
succeeding entity by the board for those members who so request.