The board may provide that an award under this chapter shall not be payable, or begin to accrue, until the board establishes, by appropriate resolution, that the fund contains sufficient net assets to make the payments provided by this chapter based upon an actuarial reserve basis.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)
Terms Used In California Government Code 50973
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Award: means monthly payments for life derived from contributions by a department. See California Government Code 50952
- Board: means the board of the California State Fire Employees Welfare Benefit Corporation. See California Government Code 50952
- Fund: means an account or trust described in Internal Revenue Service Revenue Procedure 92-64, which is maintained by the custodian of the fund. See California Government Code 50952