California Government Code 53216.8 – In the case of a pension trust established pursuant to this article …
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In the case of a pension trust established pursuant to this article which provides for individual accounts and permits a participant or beneficiary to direct investments in his or her account, if a participant or beneficiary directs investments in his or her account, no person who is a corporate custodian or a corporate trustee that provides services to the pension trust shall be liable for any loss, or by reason of any breach, which results from that participant’s or beneficiary’s directions with respect to the assets in his or her account.
(Added by Stats. 2000, Ch. 34, Sec. 1. Effective January 1, 2001.)
Terms Used In California Government Code 53216.8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
- Trustee: A person or institution holding and administering property in trust.