Section 589.10 - Amendment or Termination of Plan(a) Right to Amend Plan--Notwithstanding any other provision of this Plan, the Board has the right to amend this Plan at any time and at any manner for any reason whatsoever. This right to amend includes, but is not limited to, the right to amend the Plan to reduce or eliminate any or all benefits under the Plan for any or all persons who may be Participants and/or Other Recipients or otherwise may be entitled to benefits under the Plan. Benefits may be reduced or eliminated for any or all persons (including Participants and/or other Recipients) even if they are then entitled to or are receiving benefits under the Plan.(b) Right to Terminate Plan--Notwithstanding any other provision of this Plan, the Board has the right to terminate this Plan at any time and for any reason whatsoever. This right to terminate the Plan includes, but is not limited to, the right to terminate any or all benefits under the Plan for any or all persons who may be Participants and/or Other Recipients or otherwise may be entitled to benefits under the Plan. Benefits may be terminated for any or all persons (including Participants and/or other Recipients) even if they are then entitled to or are receiving benefits under the Plan.(c) Vested Rights--Nothing in this Section 589.10 shall be construed as affecting any vested rights that a Participant or Other Recipient may otherwise have under California law.(d) Preservation of Tax Status--This Plan shall not in any way jeopardize the tax qualified status of CalPERS. To maintain this qualified status, the Board shall take all necessary or appropriate action, including but not limited to amending this Plan and any rules governing this Plan, solely for the purpose of complying with applicable federal tax laws and regulations.Cal. Code Regs. Tit. 2, § 589.10
1. New section filed 1-25-2001; operative 1-25-2001 pursuant to Government Code section 11343.4(c). Submitted to OAL for printing only (Register 2001, No. 4). Note: Authority cited: Sections 20120, 20121 and 21760, Government Code. Reference: Section 21757, Government Code.
1. New section filed 1-25-2001; operative 1-25-2001 pursuant to Government Code section 11343.4(c). Submitted to OAL for printing only (Register 2001, No. 4).