(a) The commission shall, consistent with the purposes of this article, establish a pension plan for professional boxers who engage in boxing contests in this state.
(b) (1) The commission shall, consistent with the purposes of this article, establish the method by which the pension plan will be financed, including those who shall contribute to the financing of the pension plan.
(2) The method of financing the pension plan shall include an assessment in the amount of one dollar ($1) on each ticket sold for a professional boxing contest held in the state, up to a maximum contribution of ten thousand dollars ($10,000) per contest.
(3) The method for financing the pension plan may include a contribution by boxers, managers, promoters, or any one or more of these persons, in an amount sufficient to finance the pension plan.
(c) Any pension plan established by the commission shall be actuarially sound.
(Amended by Stats. 2024, Ch. 486, Sec. 8. (SB 1456) Effective January 1, 2025.)