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HomeGovernment CodeDiv. 4Pt. 3Ch. 4Art. 3§ 31962 Pension Fund Budget Preparation

§ 31962 Pension Fund Budget Preparation

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 31962 Pension Fund Budget Preparation

Key Takeaways

  • •The board must make a budget every year for the pension fund.
  • •They can hire an expert (actuary) to help with the budget.
  • •The goal is to manage the pension money wisely.

Example

A city's pension fund for retired teachers.

The board in charge must plan how much money is needed each year to pay the teachers' pensions. They can hire a math expert to help make sure they don’t run out of money.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 31962 Pension Fund Budget Preparation

The board shall annually prepare a budget of the cost of maintaining the pension fund. For this purpose it may employ an actuary to assist it in preparing the budget and report, to the end that the system may be scientifically financed and administered. (Added by Stats. 1947, Ch. 424.)

Last verified: January 22, 2026

Key Terms

portpensionthe board

Related Statutes

  • § 31961 Annual Fund Beneficiary Report
  • § 50883 Pension Termination Conditions
  • § 32267 Pension Fund Budget Preparation
  • § 11380 Business Reporting Appeal Process
  • § 29705 Claim And Warrant Forms

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 31962.
View Official Source