SECTIONS 50972-50974 - California Statutes

GOVERNMENT CODE

SECTION 50972-50974

50972. The contract may be terminated by the governing body of a
contracting department by resolution or by any other means permitted
by law. All liability of the department with respect to its volunteer
members of the award system shall cease. All moneys deposited in the
fund shall be held for the continued payment of previously granted
awards and the costs of administration.

50973. The board may provide that an award under this chapter shall
not be payable, or begin to accrue, until the board establishes, by
appropriate resolution, that the fund contains sufficient net assets
to make the payments provided by this chapter based upon an actuarial
reserve basis.

50974. Upon termination of the award system, assets in the fund
shall be disbursed in the following order:
(a) An amount sufficient to pay awards previously granted shall be
retained by the board.
(b) An amount sufficient to pay reasonable administrative expenses
shall be retained by the board.
(c) From any balance in the fund after the above amounts have been
retained or disbursed, each department's accumulated contributions,
less a proportionate share of the amount retained for reasonable
administrative expenses, less the amount retained to pay awards of
that department's volunteers, shall be refunded to the department.