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§ 404. Valuation and Earnings.

4 CA ADC § 404Barclays 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 § 404
§ 404. Valuation and Earnings.
(a) Valuation Of The Pension Fund.
The assets of the pension fund shall be valued annually at fair market value on the last day of the plan year. The commission shall determine the net worth of the assets of the pension fund at their fair market value on the last day of the plan year.
(b) Audit of the Boxers' Pension Account.
The boxers' pension account shall be subject to audit at least once every two calendar years to calculate:
(1) The amount in the boxers' pension account for distribution;
(2) Boxers' pension account income over the previous five years and as projected for the next five years;
(3) Existing obligations to those boxers: (i) who have vested; (ii) who are timely claimants; (iii) who are potential timely claimants; (iv) and projected boxers likely to vest for benefit status in the next five years.
(c) Re-Evaluating the Forfeiture Reserve Account
After each audit of the boxers' pension account, the commission may adjust pursuant to the Administrative Procedure Act the following:
(1) The percentage of forfeited vested accounts reserved in the § 403(d) forfeiture reserve account, which is currently set at 20% of all forfeited vested accounts; and
(2) The source of funding for the forfeiture reserve account. If the commission staff determines that forfeited vested accounts fail or may fail to provide funding to the forfeiture reserve account sufficient to pay projected late claimants in a given plan year, the commission may utilize all forfeitures in a plan year to fund the forfeiture reserve account.
(d) Order of Adjustment.
Subject to the provisions governing allocations of contributions and valuation, the commission shall adjust the regular accounts as of the last day of the plan year as follows, in the order stated:
(1) First, the regular accounts shall reflect proportionately any adjustment of fair market value of assets in the manner provided in subsection (e) below;
(2) Second, the commission shall allocate proportionately any income or loss in the manner provided in subsection (e) below;
(3) Third, the commission shall deduct all fees and expenses for the administration of the Plan;
(4) Fourth, the commission shall allocate contributions in the manner provided in section 403(b);
(5) Fifth, the commission shall allocate forfeitures in the manner provided in section 403(c).
(6) Sixth, the commission shall allocate forfeited vested accounts in the manner provided in section 405(d).
(e) Allocation Of Investment Results.
As of the last day of each plan year, the income or loss attributable to the assets of the pension fund, reduced by expenses incurred since the last day of the prior plan year, shall be allocated to the regular accounts of the participating boxers who had unpaid balances in their regular accounts as of such date in proportion to the balances in such accounts as of the last day of the prior plan year, after reducing such prior plan year balances by amounts withdrawn or distributed since last day of the the prior plan year, if any.

Credits

Note: Authority cited: Sections 18611 and 18881, Business and Professions Code. Reference: Sections 18881 and 18882, Business and Professions Code.
History
1. Change without regulatory effect of Note (Register 87, No. 5).
2. 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).
3. Amendment of subsection (b)(5) and repealer of subsection (b)(6) filed 6-17-97; operative 6-17-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 25).
4. Amendment 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, § 404, 4 CA ADC § 404
End of Document