Section 589.7 - Administration(a) Administration by the Board. (1) The management and control of this Plan is vested in the Board.(2) This Plan shall be administered by the Board in conformity with its powers and duties set forth in the Government Code commencing with Section 20000, including but not limited to all powers and duties set forth in Chapter 2 of Part 3 of the Government Code.(3) For determining the administrative powers and responsibilities of the Board, the term "Replacement Benefit Custodial Fund" shall replace reference to the "Public Employees' Retirement Fund" in Article 5 of Chapter 2 of Part 3 of the Government Code. The Board has the exclusive control of the administration and investment of the Replacement Benefit Custodial Fund.(b) Costs of Administration. (1) The administrative costs of this Plan shall be paid from (i) earnings on assets of the Replacement Benefit Custodial Fund, (ii) funds credited to accounts of Participants or Other Recipients under this Plan, (iii) forfeitures of amounts that have been credited to such accounts but which are not paid because of death of the Participant or Other Recipient, and (iv) amounts described in Subsection 589.4(d) above.(2) Administrative costs of this Plan shall not be paid from the PERF.Cal. Code Regs. Tit. 2, § 589.7
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).