California Education Code

§ 24976

EDC § 24976 Effective Jan 1, 2009Div. 1 · Title 1 · Part 13 · Ch. 37

Statute text

(a)(1) The Teachers’ Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).

(2)Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers’ Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.

(3)Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers’ Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.

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Legislative history

Amended by Stats. 2008, Ch. 432, Sec. 2. Effective January 1, 2009.