Any plan shall not be adopted or established until the governing boards, after any inquiry and hearing they may direct, find that the respective contributions of the teachers and other employees and the districts provided for in the plan, are substantially in accordance with the more recent generally prevailing rates of contributions in public institutions that have established retirement systems, and that the plan is in accordance with sound business practice and with recognized actuarial methods.
Cal. Educ. Code § 24921
Administration of the Plan
Known as the E. Richard Barnes Act
The act spans §§ 22000 to 25115 (716 sections).
Repealed and added by Stats. 1993, Ch. 893, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.