Statutes, codes, and regulations
California Code Of Regulations
Title 2 - AdministrationDivision 1 - Administrative PersonnelChapter 2 - Board of Administration of Public Employees' Retirement SystemSubchapter 2.4 - Legislators' Retirement Fund Regulations
Article 1 - Plan Qualification Requirements for the Legislators' Retirement Fund
Section 599.162 - Exclusive Benefit Requirement

Cal. Code Regs. tit. 2 § 599.162

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Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Section 599.162 - Exclusive Benefit Requirement

Pursuant to Internal Revenue Code Section 401(a)(2), the corpus or income of the Legislators' Retirement System's trust may not be diverted to or used for purposes other than the exclusive benefit of the members or their beneficiaries, nor shall there be a reversion of trust funds except as permitted by IRS Revenue Ruling 91-4, 1991-1 C.B. 57.

Cal. Code Regs. Tit. 2, § 599.162

1. New section filed 2-23-2015; operative 4-1-2015 (Register 2015, No. 9).

Note: Authority cited: Sections 9353, 9354.1 and 20121, Government Code. Reference: California Constitution, Article XVI, Section 17; Sections 9353 and 9354.1, Government Code; and Section 401(a)(1)-(2), Title 26, United States Code.

1. New section filed 2-23-2015; operative 4/1/2015 (Register 2015, No. 9).