California Code of Regulations
Title 5 - Education
Division 5 - Board of Trustees of the California State Universities
Chapter 1 - California State University
Subchapter 7 - Employees
Article 3.5 - Tax Deferred Retirement Benefit
Section 42853 - Administration and Implementation
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
In order to carry out the provisions and policy of this Article, the Chancellor or designee is authorized in the name of the Board of Trustees to:
(a) Enter into agreements with any employee of the California State University, subject to Section 42852, for the reduction of the employee's salary and for application of the funds realized by such reduction as contributions to a qualified 403(b) plan on behalf of the employee. The agreements shall contain such other provisions as the Chancellor deems necessary or appropriate in order to carry out the purposes of this Article.
(b) Reduce the salary of any employee with whom an agreement is entered pursuant to this Section, in the amount provided in the agreement with the employee.
(c) Contribute an amount equal to the reduction in salary to a qualified 403(b) plan on behalf of any employee with whom an agreement is entered pursuant to this Section, from such qualified 403(b) plan provider as the employee shall select from among those designated for the purpose by the Chancellor or designee. The qualified 403(b) plan contract shall be nontransferable and nonforfeitable, except for failure to pay future premiums.
(d) Do all other acts deemed by the Chancellor or designee to be necessary or appropriate in order to carry out the purposes of this Article.
1.
Amendment filed 8-22-72; effective thirtieth day thereafter (Register 72, No.
35).
2. Amendment filed 8-12-77; effective thirtieth day thereafter
(Register 77, No. 33).
3. Amendment filed 9-20-82; effective
thirtieth day thereafter (Register 82, No. 39).
Note: Authority cited: Sections 66600, 89030, 89035 and 89500, Education Code. Reference: Section 89505, Education Code.
