California Education Code 24952 – (a) Any annuity contract and custodial account advertised, …
(a) Any annuity contract and custodial account advertised, promoted, or offered through one or more third-party service providers, shall provide for recovery, from the employees who participate, of all costs and expenses of its own administration, including, but not limited to, advertising, promotion, legal, accounting, compliance, recordkeeping, and investment costs and expenses.
(b) Any annuity contract and custodial account administered by the system shall provide for the recovery of all costs and expenses of its administration.
Terms Used In California Education Code 24952
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
(c) The system may promote and advertise an annuity contract and custodial account administered directly by the system or by a third-party administrator.
(Amended by Stats. 2006, Ch. 780, Sec. 3. Effective January 1, 2007.)