Skip to main content
Find a Lawyer

California Code, Government Code - GOV § 21715

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The board may terminate the participation of an employer in the prefunding plan if any of the following apply:

(1) An employer elects to cease to participate in the prefunding plan.

(2) The board finds that the participating employer has failed to satisfy the terms and conditions required by this chapter, by board rules or regulations, or by the contract between the governing body of that participating employer and the board.

(3) The board terminates the prefunding plan.

(b) The board may, in its discretion, authorize an employer to transfer assets into or out of the prefunding plan.  That transfer of assets shall comply with all of the following:

(1) The transfer shall satisfy the terms of the contract between the governing body of that participating employer and the board.

(2) The transfer shall satisfy the requirements under the applicable rules of the Governmental Accounting Standards Board.

(3) The transfer shall satisfy the requirements of a trust established under Section 115 of the Internal Revenue Code.

(c) If the board terminates the participation of an employer in the prefunding plan as described in paragraph (1) or (2) of subdivision (a), the assets attributable to the contributions by that employer shall remain in the prefunding plan, for the continued payment of required pension contributions and the costs of administration, pursuant to the terms and conditions of participation established by the board and as agreed to by the employer.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - California Code, Government Code - GOV § 21715 - last updated January 01, 2025 | https://codes.findlaw.com/ca/government-code/gov-sect-21715/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard