§ 404. Valuation and Earnings.
4 CA ADC § 404Barclays Official California Code of Regulations
4 CCR § 404
§ 404. Valuation and Earnings.
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.
The boxers' pension account shall be subject to audit at least once every two calendar years to calculate:
After each audit of the boxers' pension account, the commission may adjust pursuant to the Administrative Procedure Act the following:
(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.
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:
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in such accounts as of the last day of the prior plan year, after reducing such prior plan year balances by amounts withdrawn or distributed since last day of the the prior plan year, if any.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 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 4, § 404, 4 CA ADC § 404
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