California Government Code 50956 – (a) On the basis of investigation and valuation, the board shall …
(a) On the basis of investigation and valuation, the board shall adopt the mortality, service, and other tables as it deems necessary, and shall make changes in the contributions required from contracting departments as the board considers appropriate in order to assure the actuarial soundness of this award system.
(b) The board shall credit all contributions of departments in the fund with interest at the annual interest rate compounded at each June 30.
Terms Used In California Government Code 50956
- 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
- Department: means any of the following:
California Government Code 50952
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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
- Member: means a volunteer of a department, the governing body of which has contracted with the board under this chapter, and who has been certified by a qualifications review commission as having satisfied all the requirements for membership as set established by the board. 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
- Volunteer: means a person registered as a volunteer member of a regularly organized fire department as defined in subdivision (k). See California Government Code 50952
(c) Data filed by a member or department with the board is confidential, and no individual record shall be divulged by an official or employee having access to that data to a person other than the member to whom the information relates or his or her authorized representative, or the department that employs the member. That information shall be used by the board for the sole purpose of carrying into effect the provisions of this chapter.
(d) Each volunteer member and department shall file with the board the information and evidence as may be required by the board in administration of this award system.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)