California Government Code

§ 31696.3

GOV § 31696.3 Effective Jan 1, 2015Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 8.8

Statute text

(a)The board shall establish a trust fund designated as the Long-Term Care Fund for the purpose of the payment of the costs and administration of the long-term care plan. The Long-Term Care Fund shall be held for the exclusive benefit of enrollees and the payment of the costs and administration of the program.

(b)The board shall have exclusive control of the administration and investment of the Long-Term Care Fund, except that in a county having a board of investments, the board of investments shall have exclusive control of the investment of the fund. Funds in the Long-Term Care Fund shall be invested pursuant to the law governing the investment of the retirement fund.

(c)Income, of whatever nature, earned on the Long-Term Care Fund shall be credited to the fund.

…

Legislative history

Amended by Stats. 2014, Ch. 740, Sec. 14. (AB 2473) Effective January 1, 2015.