SECTIONS 92613-92614 - California Statutes

EDUCATION CODE

SECTION 92613-92614

92613. The Legislature hereby finds and declares that this section
is intended to satisfy the requirements prescribed by the Omnibus
Budget Reconciliation Act of 1990 (OBRA). Section 3121(b)(7)(F) of
the Internal Revenue Code requires that employees of the University
of California must be covered by social security, or, in the
alternative, be provided benefits through a qualified pension plan or
annuity program. Therefore, to facilitate compliance with these
requirements, the Legislature hereby encourages and empowers the
Regents of the University of California to take all steps necessary
to implement a qualified defined contribution plan for their
employees, and to that end to withhold as deferred compensation from
the wages otherwise payable to those employees up to 7.5 percent of
wages, as the term "wages" is defined for social security purposes,
or the other amount as may be required as an alternative to social
security contributions.

92614. The provisions of Section 92613 shall supersede Sections
3560 to 3599, inclusive, of the Government Code and any memorandum of
understanding entered into pursuant to those sections, for any
employees hired or rehired on or after the effective date of this
act.