(a) Employer Contributions Required--The state, each applicable school employer, and each applicable contracting agency shall make contributions to this Plan in amounts to be fixed and determined by the Board. The Board shall have sole authority and discretion to determine the amount of contributions that must be paid to this Plan by the state, each applicable school employer, and each applicable contracting agency. The Board shall make such determination after receiving advice on such contributions from the Chief Actuary of CalPERS.(b) Employer Contribution Amount. (1) The amount of each employer's contributions to this Plan shall be equal to the amount of estimated benefits payable from this Plan for the applicable calendar year for applicable Participants and/or Other Recipients.(2) The Board may require payment of additional contributions or other amounts owed to this Plan from one or more applicable employers during the applicable calendar year as is necessary to provide benefits under this Plan.(c) Time and Manner of Employer Contributions--Employer contributions shall be made at the time and in the manner as is fixed by the Board.(d) Excess Amounts--If, at the end of any calendar year, assets are held in the Replacement Benefit Custodial Fund that are in excess of what was required during the calendar year to pay benefits under the Plan, such excess shall be used only to pay Plan expenses.(e) Source of Contributions--To the extent practicable and subject to the approval of the CalPERS Chief Actuary, contributions to this Plan shall be made from amounts that otherwise would have been contributed by the employer to CalPERS. Such contributions shall be deposited in the Replacement Benefit Custodial Fund. Under no circumstances shall any amount be transferred from the PERF to or for the use of this Plan.(f) Invoice for Contributions.(1) The Plan Administrator shall invoice each applicable contributing employer no later than the fifteenth day of January of each year.(2) In addition, the Plan Administrator shall invoice each applicable contributing employer under this Plan as soon as is reasonably practicable in order to obtain the funds needed to pay benefits under this Plan for Members who become Participants after the beginning of the calendar year, and for other appropriate circumstances.(3) The employer shall promptly pay to CalPERS the amount invoiced.(4) No benefits shall accrue or be payable to any person under this Plan unless and until payment of the amount invoiced for such person is made by the applicable contributing employer.(g) Replacement Benefit Custodial Fund.(1) All contributions under this Plan shall be deposited in the Replacement Benefit Custodial Fund.(2) The Plan Administrator shall establish, within the Replacement Benefit Custodial Fund, an individual account for each Participant or Other Recipient to hold contributions with respect to her or her benefit under this Plan, pursuant to Section 21758(e) of the Government Code. All benefits paid to such Participant and Other Recipient shall be paid from such accounts.Cal. Code Regs. Tit. 2, § 589.4
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).
2. Amendment of subsection (a) filed 11-18-2002; operative 12-18-2002. Submitted to OAL for printing only pursuant to Government Code section 21760 (Register 2002, No. 47). 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).
2. Amendment of subsection (a) filed 11-18-2002; operative 12-18-2002. Submitted to OAL for printing only pursuant to Government Code section 21760 (Register 2002, No. 47).