California Code of Regulations › Title 4 - Business Regulations › Division 2 - State A thletic Commission › Chapter 1 - Professional Boxing Rules › Article 12 - Pension Plan › Section 408 - Plan Administration

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Expenses.
The members of the commission shall receive no compensation
					 from the boxer's pension account for administering the pension plan, but the
					 boxers' pension account shall reimburse the commission for all necessary direct
					 expenses incurred in carrying out its maintenance of the Plan. The commission
					 shall pay any necessary direct expenses, including reasonable pension
					 consulting fees incurred by it in administering the Plan out of the Plan's
					 funds. All direct administrative expenses, including actuarial certification
					 fees, trust accounting fees, and commissions and expenses related to the
					 investment of the boxer's Pension Account shall be directly assessable and
					 shall be paid out of the boxer's pension accounts.
Expenses related to the restatement and implementation of
					 this Article, including any extraordinary actuarial, design and consulting
					 fees, costs of locating lost boxers' beneficiaries and costs of preparing
					 summary plan descriptions in English and Spanish shall be reimbursed to the
					 commission from the Plan, but only out of and limited to the funds that the
					 commission's enrolled actuary certifies exceeds the cumulative grandfathered
					 PVAB balances (actuarial equivalent of the Plan's benefit and refund
					 obligations) as April 30, 1996.
(b) Powers and Duties.
The primary responsibility of the commission under this
					 article is to administer the Plan for the exclusive benefit of the boxers and
					 their beneficiaries, subject to the specific terms of this article. The
					 commission shall administer the Plan in accordance with its terms and shall
					 have the power and discretion to construe the terms of this article and to
					 determine all questions arising in connection with the administration,
					 interpretation, and application of the Plan. Any such determination by the
					 commission shall be conclusive and binding upon all persons. The commission
					 shall have all powers necessary or appropriate to accomplish the duties under
					 this Plan.
The commission shall be charged with the duties of the
					 general administration of the Plan, including, but not limited to, the
					 following:
(1) The discretion to
				  determine questions relating to the eligibility of boxers to participate or
				  remain a participating boxer or a covered boxer hereunder and to receive
				  benefits under the Plan;
(2) To
				  compute, certify, and direct the amount and the kind of benefits to which any
				  covered boxer shall be entitled hereunder;
(3) To maintain all necessary records for the
				  administration of the Plan;
(4) To
				  interpret the provisions of the Plan consistent with the law and these
				  rules;
(5) To determine the size
				  and type of any contract to be purchased from any insurer, if any, and to
				  designate the insurer from which such contract shall be purchased;
(6) To prepare and distribute to
				  participating boxers information concerning their rights and obligations,
				  including a summary plan description stating the requirements and benefits of
				  the Plan in English and Spanish, using commonly spoken language to the extent
				  possible, which shall be sent to each manager and to each boxer at appropriate
				  times by the Pension Plan Committee or the commission staff, including at the
				  time of initial licensure and renewal.
(7) To place the funds in the pension plan in
				  trust and to select a trustee to invest and administer the
				  funds.