§ 22403
139 words·~1 min read·
/ca/education-code/22403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Legislature hereby finds and declares that pursuant to the authorizing legislation creating and establishing the Cash Balance Plan, the board transferred one million dollars ($1,000,000) in the form of a loan from the retirement fund holding assets at that time exclusively for the State Teachers’ Retirement System Defined Benefit Plan to the newly created Cash Balance Plan. That loan represented an asset receivable to the State Teachers’ Retirement System Defined Benefit Plan and a liability obligation to the State Teachers’ Retirement System Cash Balance Plan.
As a result of the merger of these two plans authorized under this part, the assets held in the retirement fund shall hereby reflect the combined assets of the State Teachers’ Retirement Plan. That loan shall be discharged by the creation and establishment of the State Teachers’ Retirement Plan pursuant to the merger.