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§ 401. Definitions.

4 CA ADC § 401Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 2. State Athletic Commission (Refs & Annos)
Chapter 1. Professional Boxing Rules
Article 12. Pension Plan
4 CCR § 401
§ 401. Definitions.
(a) Account. “Account” means either the participating boxer's regular account or refund account.
(1) Regular Account. “Regular Account” means the account maintained by the commission on the records of the Plan for each participating boxer representing allocations of contributions and forfeitures, adjusted for withdrawals, income, expenses and realized and unrealized gains and losses attributable thereto.
Each boxer's regular account shall be created as of the effective date of this restated Plan on May 1, 1996. An amount equal to the actuarial equivalent, or the present value of accrued benefit (“PVAB”) of a participating boxer's benefit under the Boxer's Retirement Plan as of April 30, 1996 shall be allocated to the boxer's regular account on that date. This amount in the boxer's regular account shall be referred to as the participating boxer's “grandfathered PVAB balance”.
(2) Refund Account. “Refund Account” means an account maintained by the commission on the records of the Plan for each boxer who has incurred a break in service and who has made contributions to the Plan under the terms of this Article. Such account shall be created as a sub-account within the Pension Fund and shall exist until January 1, 2002 in accordance with the vesting provisions of this Plan.
(b) Accrued Benefit. “Accrued benefit” means the aggregate amount in all of a participating boxer's accounts and shall include the actuarial equivalent of any participating benefit under the Plan as of April 30, 1996.
(c) Actuarial Equivalent. “Actuarial equivalent” means the equivalent in value of the accrued benefit expected to be received based upon actuarial assumptions adopted from time to time by an enrolled actuary appointed by the commission.
(d) Beneficiary. “Beneficiary” means all persons entitled under the provisions of this Plan to receive benefits after the death of a participating boxer.
(e) Boxer. “Boxer” means a licensed professional boxer.
(f) Boxers' Pension Account. “Boxers' pension account” means the fund held by the commission in the boxers' pension account established pursuant to section 18882 of the Code for the exclusive purpose of paying benefits under this Plan.
(g) Break In Service. “Break in service” occurs when a participating boxer fails to fight at least ten (10) scheduled rounds in California during any thirty-six (36) consecutive calendar months, after July 1, 1981, and prior to age 50. A participating boxer who suffers a break in service forfeits all credit earned for rounds fought up to that date unless such participating boxer is a covered boxer at the end of the plan year in which the break in service occurs. For purposes of this Article, a boxer's service in the armed forces of the United States in a time of war or national emergency shall not be counted in determining when a break in service occurs.
(h) Covered Boxer. “Covered Boxer” means a participating boxer who has satisfied the vesting requirements of section 405(a).
(i) Forfeiture Reserve. “Forfeiture Reserve” means the reserve set aside from each year's total forfeitures due to the potential claimant not claiming his or her accrued benefit before January 1st of the year in which their 54th birthday occurs as adjusted to reflect the recommendation of a pension fund audit conducted at least once every two calendar years.
(j) Forfeiture. “Forfeiture” means the reallocation within the Plan of that portion of a participating boxer's regular account that is not vested prior to the date on which the boxer incurs a break in service.
(k) Participating Boxer. “Participating Boxer” means a boxer who participates in a contest after July 1, 1981, and who is or may become eligible to receive a benefit under the Plan, or whose beneficiary may be eligible to receive any such benefit, and who has not incurred a break in service. A boxer who has incurred a break in service shall nonetheless be deemed a “participating boxer” for any year after that break in service in which the boxer participates in a contest.
(l) Plan Year. “Plan year” means the calendar year. The first plan year for this restated Plan shall be the period between May 1 and December 31, 1996.
(m) Suspense Account. “Suspense account” means the account provided for in the funding and allocation provisions of this Plan.
(n) Vested. “Vested” means that the participating boxer or the participating boxer's beneficiary has an unconditional, nonforfeitable right in the participating boxer's accrued benefit.
(o) Forfeited Vested Account. “Forfeited Vested Account” means an accrued benefit that has been forfeited by a covered boxer as a result of the covered boxer's failure to file a claim with the commission for his or her accrued benefit prior to January 1st of the year in which their 54th birthday occurs.
(p) Potential Timely Claimant. “Potential Timely Claimant” means a covered boxer who has not filed a claim with the commission for his or her accrued benefit between their 50th birthday and January 1st of the year in which their 54th birthday occurs.
(q) Timely Claimant. “Timely Claimant” means a covered boxer who has filed a claim with the commission for his or her accrued benefit between their 50th birthday and January 1st of the year in which their 54th birthday occurs.
(r) Late Claimant. “Late Claimant” means a covered boxer who has filed a claim with the commission for his or her accrued benefit on or after January 1st of the year in which their 54th birthday occurs.
(s) Potential Late Claimant. “Potential Late Claimant” means a covered boxer who has not filed a claim with the commission for his or her accrued benefit on or after January 1st of the year in which their 54th birthday occurs.

Credits

Note: Authority cited: Sections 18611 and 18881, Business and Professions Code. Reference: Section 18881, Business and Professions Code.
History
1. Change without regulatory effect of Note (Register 87, No. 5).
2. Amendment of subsections (a)(1)-(a)(3) and (c) filed 7-11-94; operative 7-11-94 (Register 94, No. 28).
3. Repealer and new section heading, section and Note filed 4-26-96; operative 5-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 17).
4. Amendment of subsection (a), repealer of subsection (a)(2), subsection renumbering, and repealer of subsection (i) filed 6-17-97; operative 6-17-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 25).
5. Amendment of subsection (a)(2) filed 12-4-98 as an emergency; operative 12-4-98 (Register 98, No. 49). A Certificate of Compliance must be transmitted to OAL by 4-5-99 or emergency language will be repealed by operation of law on the following day.
6. Amendment of subsection (a)(2) and amendment of Note refiled 4-2-99 as an emergency; operative 4-2-99 (Register 99, No. 14). A Certificate of Compliance must be transmitted to OAL by 8-2-99 or emergency language will be repealed by operation of law on the following day.
7. Reinstatement of section as it existed prior to 4-2-99 emergency amendment by operation of Government Code section 11346.1(f) (Register 99, No. 42).
8. Amendment of subsection (a)(2) and amendment of Note filed 10-13-99; operative 10-13-99 pursuant to Government Code section 11343.4(d) (Register 99, No. 42).
9. Amendment of subsection (k) filed 11-1-2001; operative 12-1-2001 (Register 2001, No. 44).
10. Amendment of subsections (g)-(h), new subsection (i), amendment of subsection (k) and new subsections (o)-(s) filed 7-22-2015; operative 10-1-2015 (Register 2015, No. 30).
This database is current through 6/7/24 Register 2024, No. 23.
Cal. Admin. Code tit. 4, § 401, 4 CA ADC § 401
End of Document