100013. The board shall ensure that an insurance, annuity, or other funding mechanism is in place at all times that protects the value of individuals accounts. The funding mechanism shall protect, indemnify, and hold the state harmless at all times against any and all liability in connection with funding retirement benefits pursuant to this title. The costs of the funding mechanism shall be paid out of the funds held in the trust and shall not be attributed to the administrative costs of the board in operating the trust.
(Added by Stats. 2012, Ch. 734, Sec. 3. Effective January 1, 2013. Conditionally operative as provided in Section 100042.)Section: Previous 100000 100002 100004 100006 100008 100010 100012 100013 100014 100016 100018 100020 100022 100024 100026 Next
Last modified: September 9, 2016