§ 8403. Individual investment accounts.
148 words·~1 min read·
/pa/title-24/chapter-84/8403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 8403. Individual investment accounts.
The board:
(1)Shall establish in the trust an individual investment account for each participant in the plan. All contributions by a participant or an employer for or on behalf of a participant shall be credited to the participant's individual investment account, together with all interest and investment earnings and losses. Investment and administrative fees, costs and expenses shall be charged to the participants' individual investment accounts.
(2)Shall separately track participant contributions, including investment gains and losses, and employer contributions, including investment gains and losses, but all interest, investment gains and losses and administrative fees, costs and expenses shall be allocated proportionately.
(3)May contract with financial institutions, insurance companies or other types of third-party providers and other vendors to allow participants to deposit participant contributions into the individual investment accounts in a form and manner as provided by the contract.
24c8404s