(a) At the time of payment of the fee required by Section 18824, a promoter shall pay to the commission all amounts scheduled for contribution to the pension plan. If the commission, in its discretion, requires pursuant to Section 18881, that contributions to the pension plan be made by the boxer and his or her manager, those contributions shall be made at the time and in the manner prescribed by the commission.
(b) All contributions to finance the pension plan shall be deposited in the State Treasury and credited to the Boxers’ Pension Fund, which is hereby created. Notwithstanding the provisions of Section 13340 of the Government Code, all moneys in the Boxers’ Pension Fund are hereby continuously appropriated to be used exclusively for the purposes and administration of the pension plan.
(c) The Boxers’ Pension Fund is a retirement fund, and no moneys within it shall be deposited or transferred to the General Fund.
(d) The commission has exclusive control of all funds in the Boxers’ Pension Fund. No transfer or disbursement in any amount from this fund shall be made except upon the authorization of the commission and for the purpose and administration of the pension plan.
(e) Except as otherwise provided in this subdivision, the commission or its designee shall invest the money contained in the Boxers’ Pension Fund according to the same standard of care as provided in Section 16040 of the Probate Code. The commission has exclusive control over the investment of all moneys in the Boxers’ Pension Fund. Except as otherwise prohibited or restricted by law, the commission may invest the moneys in the fund through the purchase, holding, or sale of any investment, financial instrument, or financial transaction that the commission in its informed opinion determines is prudent.
(f) The administrative costs associated with investing, managing, and distributing the Boxers’ Pension Fund shall be limited to no more than 2 percent of the corpus of the fund. Diligence shall be exercised by administrators in order to lower the fund’s expense ratio as far below 2 percent as feasible and appropriate. The commission shall report to the Legislature on the impact of this provision during the next regularly scheduled sunset review.
(Amended by Stats. 2013, Ch. 370, Sec. 19. (SB 309) Effective January 1, 2014.)