§ 21680. — 21680. (Amended by Stats. 2010, Ch. 639, Sec. 16.)

California § 21680.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 5.
• Title 2.: DIVISION 5. PERSONNEL
• Part 3.: PART 3. PUBLIC EMPLOYEES' RETIREMENT SYSTEM
• Ch. 16.: CHAPTER 16. Deferred Compensation

Text

Except as otherwise provided by law, the officers and employees of this system shall not engage in a transaction with regard to a tax-preferred retirement savings program if they know or should know that the transaction constitutes, directly or indirectly, any of the following:
(a)
The sale, exchange, or leasing of any property from the program to a participant for less than adequate consideration, or from a participant to the program for more than adequate consideration.
(b)
The lending of money or other extension of credit from the program to a participant without the receipt of adequate security and a reasonable rate of interest, or from
a participant to the program with the provision of excessive security or an unreasonably high rate of interest.
(c)
The furnishing of goods, services, or facilities from the program to a participant for less than adequate consideration, or from a participant to the program for more than adequate consideration.
(d)
The transfer to, or use by or for the benefit of, a participant of any assets of the program for less than adequate consideration.

Legislative History

Amended by Stats. 2010, Ch. 639, Sec. 16. (SB 1139) Effective January 1, 2011.