The Controller may purchase annuity contracts on behalf of any state employer under the uniform state payroll system, excluding the California State University System, that employs persons eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986 provided that all of the following conditions are met:
(a) The annuity contract is under an annuity plan which meets the requirements of subdivision (b) of Section 403 of the Internal Revenue Code.
(b) The employee makes application to the Controller for the purchase and reduction of salary.
(c) All provisions of the Insurance Code applicable to the purchase of those annuities are satisfied.
(Amended by Stats. 2008, Ch. 230, Sec. 10. Effective January 1, 2009.)
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