Gov. Code, § 22960.37 · Chapter 3. Administration of the Plan
Gov. Code, § 22960.37
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
In administering the plan, the officers and employees of the system shall discharge their duties with respect to the plan solely in the interest of the participants and beneficiaries:
(a) In accordance with the documents and instruments governing the plan insofar as those documents and instruments are consistent with this part.
(b) For the exclusive purpose of both of the following:
(1) Providing benefits to participants and their beneficiaries.
(2) Defraying reasonable expenses of administering the plan.
(c) By investing with the care, skill, prudence, and diligency under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.
Notes and commentary — not statutory text
History
Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.
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=22960.37.
- Text hash
- sha256 dbe1a6e3c14267fd1d71e43fd54141d27d44bdd4d8f597d2d32c6f2f1e409aa5
- 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 1 provision
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Government Code
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