California · Public Utilities Code - PUC

PUC §12303: Before establishing any retirement system the board shall secure a report from a qualified actuary, which shall show the cost of the benefits provided by the system, and the prospective assets and lia

What this law says, in plain English

Before setting up a retirement system, the board must obtain an actuary's report showing the system's benefit costs and projected financial assets and liabilities.

Read the full statutory text

Before establishing any retirement system the board shall secure a report from a qualified actuary, which shall show the cost of the benefits provided by the system, and the prospective assets and liabilities of the system.

Verify at the official source: California legislative text

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