§ 31508 Retirement Fund Asset Transfer

Key Takeaways

•A special group (the board) is in charge of handling the money in the retirement fund.
•They decide how to keep it safe, where to invest it, and when to pay it out.
•If there’s leftover money from an old retirement system after everything is paid off, it gets moved into the new retirement fund.

Example

Imagine your town had an old pension plan for teachers, but they switched to a new one. After paying all the old teachers what they were owed, there was some money left.

That leftover money doesn’t just disappear—it gets added to the new retirement fund for teachers. The board in charge makes sure the money is used the right way, like investing it or saving it for future payments.

The assets shall be administered solely by the board subject to the provisions of this chapter as to the custody, investment, and disbursement of the retirement fund. If there are assets of the superseded system remaining after the termination of all liabilities of the superseded system, the remaining assets shall be transferred to and become part of the retirement fund. (Added by Stats. 1947, Ch. 424.)

Key Takeaways

•A special group (the board) is in charge of handling the money in the retirement fund.
•They decide how to keep it safe, where to invest it, and when to pay it out.
•If there’s leftover money from an old retirement system after everything is paid off, it gets moved into the new retirement fund.

Example

Imagine your town had an old pension plan for teachers, but they switched to a new one. After paying all the old teachers what they were owed, there was some money left.

Key Takeaways

Example

Key Terms

References

§ 31508 Retirement Fund Asset Transfer

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References