Gov. Code, § 12420.2 · Article 2. Duties
Gov. Code, § 12420.2
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The Controller may purchase annuity contracts on behalf of any state employer under the uniform state payroll system, excluding the California State University System, that employs persons eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986 provided that all of the following conditions are met:
(a) The annuity contract is under an annuity plan which meets the requirements of subdivision (b) of Section 403 of the Internal Revenue Code.
(b) The employee makes application to the Controller for the purchase and reduction of salary.
(c) All provisions of the Insurance Code applicable to the purchase of those annuities are satisfied.
Notes and commentary — not statutory text
History
Amended by Stats. 2008, Ch. 230, Sec. 10. Effective January 1, 2009.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=12420.2.
- Text hash
- sha256 e55fae32af7b6dfe864aecd82c6f6e5341eb45d65d5e599a03ba00da80363a54
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 2 provisions
Provisions in this library whose text cites Gov. Code, § 12420.2. Each shows the citation as that text prints it.
Government Code
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