§ 22108 Retirement Benefit Definitions

• •This law talks about two types of retirement money: one gives you monthly payments when you retire or if you get hurt and can't work, or a big payment if you die.
• •The other type is like a savings account where the money you get is whatever is in your account when you retire.
• •If you are part of the first plan, you get paid every month after you retire.
• •If you are part of the second plan, you get whatever money is saved up in your special account.

Imagine you work for a school and are part of their retirement plan.

If you are in the first plan, you’ll get a check every month after you stop working. If you are in the second plan, you’ll get all the money that’s been saved in your account over the years when you retire.