California Government Code 50953 – (a) The award system shall be administered by the board and the …
(a) The award system shall be administered by the board and the board shall comply with the following requirements:
(1) The board shall maintain a plan as described in Section 457(e)(11) of Title 26 of the United States Code.
Terms Used In California Government Code 50953
- 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
- Award system: means the Volunteer Firefighters Length of Service Award System established by this chapter. See California Government Code 50952
- Board: means the board of the California State Fire Employees Welfare Benefit Corporation. See California Government Code 50952
- Custodian of the fund: means a financial institution or other entity that qualifies under the laws of this state to act as a trustee of and establish a trust described in Internal Revenue Service Revenue Procedure 92-64. 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
- Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
- Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
(2) The representatives on the board shall be elected.
(3) The representatives on the board shall administer the award system with the reasonable care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with the award system would use in the conduct of an enterprise of a like character and with like aims.
(4) The representatives on the board shall be subject to the prudent investor standard with regard to the fund.
(5) The award system shall be administered for the exclusive purpose of providing benefits to members of the award system.
(6) The board shall select a custodian of the fund, as described in subdivision (j) of Section 50952.
(b) Notwithstanding subdivision (a), the assets of the fund attributable to the benefit of registered volunteers of a department are subject to the claims of creditors of the department in the case of the insolvency of the department. The assets of the fund that are not attributable to the benefits of registered volunteers of an insolvent department are not subject to the claims of the creditors of the insolvent department.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)