California Government Code

§ 53622

GOV § 53622 Effective Jan 1, 1999Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 1.5

Statute text

(a)Funds intended for the payment of employee retiree health benefits shall only be held for the purpose of providing benefits to participants in the retiree health benefit plan and defraying reasonable expenses of administering that plan.

(b)The governing body or designated officer, when making investments of the funds, shall discharge its duties with respect to the investment of the funds.

(1)Solely in the interest of, and for the exclusive purposes of providing benefits to, participants in the retiree health benefit plan, minimizing employer contributions thereto, and defraying reasonable expenses of administering the plan.

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Legislative history

Added by Stats. 1998, Ch. 996, Sec. 7. Effective January 1, 1999.