A county superintendent of schools may establish a retiree benefit fund to accumulate restricted moneys from salary reduction agreements, other contributions for employee retirement benefit payments, or both. Moneys may be transferred to the fund from other funds by periodic expense charges, in amounts based on existing and future obligation requirements. Payments from the retiree benefit fund for insurance, annuities, administrative costs, or any other authorized purpose shall be made in accordance with all warrant approval requirements applicable under this code.
Article 7Retiree Benefit Funds
Section § 1350
This law allows a county superintendent of schools to create a special fund to gather money for employee retirement benefits. The money can come from employees' salary reductions or other contributions. The fund can also receive money from other school funds as needed. Payments for things like insurance and administrative costs must follow standard approval processes.
retiree benefit fund salary reduction agreements employee retirement benefits county superintendent restricted moneys future obligations periodic expense charges insurance payments annuity payments administrative costs warrant approval fund transfer school funds
