A separate account shall be established in the retirement fund to be known as the Insurance Benefits Account. Moneys in the account shall be expended for the sole purpose of payment of insurance benefits under this article. Interest shall be credited to the account at the annual rate and in the same manner as interest is credited to employer and employee contributions in the retirement fund.
Cal. Gov. Code § 21601
Preretirement Group Term Life Insurance
Known as the Public Employees’ Retirement Law
The act spans §§ 20000–21716 (1,037 sections).
Added by Stats. 1995, Ch. 379, 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.