Upon termination of the award system, assets in the fund shall be disbursed in the following order:
(a) An amount sufficient to pay awards previously granted shall be retained by the board.
Terms Used In California Government Code 50974
- 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
- Department: means any of the following:
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
(b) An amount sufficient to pay reasonable administrative expenses shall be retained by the board.
(c) From any balance in the fund after the above amounts have been retained or disbursed, each department‘s accumulated contributions, less a proportionate share of the amount retained for reasonable administrative expenses, less the amount retained to pay awards of that department’s volunteers, shall be refunded to the department.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)