California Government Code 22960.51 – No part of the assets of the fund may revert to the employer until …
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No part of the assets of the fund may revert to the employer until all liabilities of the plan have been fully satisfied.
(Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.)
Terms Used In California Government Code 22960.51
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.