CHAPTER 4. The Fund [22960.45. - 22960.51.]

Law Codes -> Government Code -> Article 22960.45 to 22960.51

• 22960.45.

  The State Peace Officers' and Firefighters' Defined Contribution Plan Fund is hereby established as a special trust fund in the State Treasury to accept participant and employer contributions to the plan.

• 22960.46.

  The board shall have exclusive control of the investment of the fund.

• 22960.47.

  Notwithstanding any other provision of law, the board may retain a bank or trust company to serve as a custodian for safekeeping, recordkeeping, delivery, securities valuation, investment performance reporting, or other services in connection with investment and administration of the fund.

• 22960.48.

  Notwithstanding Section 13340, all moneys in the fund are continuously appropriated, without regard to fiscal years or plan years, to the board to carry out the purposes of this part.

• 22960.49.

  All costs of the plan shall be charged against the plan participants accounts.

• 22960.50.

  The assets of the fund shall be valued annually, and may be valued more frequently as prescribed by the board.

• 22960.51.

  No part of the assets of the fund may revert to the employer until all liabilities of the plan have been fully satisfied.