The board may contract with a third party to temporarily assume administration of the system if a catastrophic event destroys or severely damages the system’s administrative facilities or otherwise prevents or significantly hinders continued local administration of the system. Local administration of the system shall resume as soon as practicable.

The costs of contracting with the third party for temporary administration of the system shall be a charge against the investment earnings of the retirement fund.

Terms Used In California Government Code 31522.6

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

(Added by Stats. 2004, Ch. 533, Sec. 19. Effective January 1, 2005.)

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