California Government Code

§ 21711

GOV § 21711 Effective Jan 1, 2019Div. 5 · Title 2 · Part 3 · Ch. 19

Statute text

(a)The California Employers’ Pension Prefunding Trust Fund is hereby established as a special trust fund in the State Treasury for the purpose of allowing state and local public agency employers that provide a defined benefit pension plan to their employees to prefund their required pension contributions. Notwithstanding Section 13340, all moneys in the California Employers’ Pension Prefunding Trust Fund are continuously appropriated to the board without regard to fiscal years to carry out the purpose of this chapter, consistent with the board’s fiduciary duty.

(b)The board shall have the sole and exclusive control of the administration and investment of the California Employers’ Pension Prefunding Trust Fund and shall have the authority to make investments pursuant to Part 3 (commencing with Section 20000).

(c)Income, of whatever nature, earned on the California Employers’ Pension Prefunding Trust Fund, shall be credited to the fund.

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Legislative history

Added by Stats. 2018, Ch. 665, Sec. 1. (SB 1413) Effective January 1, 2019.