California Government Code 50955 – (a) The board shall, from time to time, determine and fix the …
(a) The board shall, from time to time, determine and fix the annual interest rate and actuarial interest rate.
(b) The board shall keep in convenient form the data necessary for the actuarial valuation of the award system. The board shall, at least quadrennially, cause to be made an actuarial investigation into the mortality and service experience of members and persons receiving awards and an actuarial valuation of the assets and liabilities of the award system.
Terms Used In California Government Code 50955
- Actuarial interest rate: means the interest rate fixed by the board for purposes of actuarial valuation of the assets and liabilities of the award system. See California Government Code 50952
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) When there is insufficient data upon which to establish mortality rates or other actuarial assumptions required to evaluate the obligations of the award system, the board may adopt appropriate assumptions that, upon the advice and recommendation of the actuary, are necessary.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)