California Business and Professions Code

§ 18888.5

BPC § 18888.5 Effective Jan 1, 2024Div. 8 · Ch. 2 · Art. 17

Statute text

(a)After the participating martial artist has vested in the MMA Fund, the participating martial artist shall not be entitled to distribution of the funds held in the participating martial artist’s regular account until the participating martial artist is at least 50 years of age.

(b)(1) Notwithstanding subdivision (a), the commission may, in its discretion, award to a participating martial artist, who has vested in the MMA Fund but is younger than 50 years old, an early retirement benefit for vocational, education, training, or medical need in the amount contained in the participating martial artist’s regular account at the time the commission makes this award and in the manner provided in the regulations governing the MMA Fund.

(2)Upon distribution of the early retirement benefit authorized by paragraph (1) to the participating martial artist, the participating martial artist’s regular account shall be closed, and the participating martial artist shall not receive, or otherwise be eligible for, any further contributions to the regular account or retirement benefits from the MMA Fund.

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Legislative history

Added by Stats. 2023, Ch. 466, Sec. 1. (AB 1136) Effective January 1, 2024.