California Government Code
§ 31699.4
GOV § 31699.4 Effective Jan 1, 2010Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 8.10
Statute text
View on leginfo.ca.gov(a)(1) The retirement system board may establish, by resolution, a postemployment health benefits fund for the collective investment of assets held in trust solely for the exclusive benefit of providing health benefits to employees of any local public agency.
(2)The postemployment health benefits fund board shall be composed of the same members that compose the retirement system board. The postemployment health benefits fund board shall have the sole and exclusive responsibility and discretion for administration of the postemployment health benefits fund. However, the retirement system board may terminate the fund in its discretion at any time.
(b)The postemployment health benefits fund shall be established and administered to comply with the requirements of Governmental Accounting Standards Board Statements No. 43 and No. 45 (GASB 43 and 45) for assets held by the postemployment health benefits fund to be treated as plan assets, to the extent reasonably practicable.
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Legislative history
Added by Stats. 2009, Ch. 326, Sec. 1. (SB 11) Effective January 1, 2010.