§ 553.2. Exclusive Benefit Requirement.
2 CA ADC § 553.2Barclays Official California Code of Regulations
Barclays California Code of Regulations
Title 2. Administration
Division 1. Administrative Personnel
Chapter 2. Board of Administration of Public Employees' Retirement System
Subchapter 1. Employees' Retirement System Regulations
Article 1.5. Plan Qualification Requirements for the Public Employees' Retirement Fund
2 CCR § 553.2
§ 553.2. Exclusive Benefit Requirement.
Pursuant to Internal Revenue Code Section 401(a)(2), the corpus or income of the Public Employees' Retirement System trust may not be diverted to or used for purposes other than the exclusive benefit of the members or their beneficiaries, nor shall there be a reversion of trust funds except as permitted by IRS Revenue Ruling 91-4, 1991-1 C.B. 57.
Credits
Note: Authority cited: Section 20121, Government Code. Reference: California Constitution, Article XVI, Section 17; Sections 20151, 20170, 20171 and 20176, Government Code; and Section 401(a)(1)-(2), Title 26, United States Code.
History
1. New section filed 2-23-2015; operative 4-1-2015 (Register 2015, No. 9).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 2, § 553.2, 2 CA ADC § 553.2
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