Cal. Code Regs. tit. 4 § 403

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 403 - Funding and Contributions

(a) Contributions.

Contributions shall be assessed as follows:

The promoter shall contribute 88 cents ($.88) on every ticket, excluding a working complimentary ticket as described in section 264, up to a maximum contribution of $4,600 per show.

(b) Formula for Allocation of Contributions.

Contributions shall be allocated to each participating boxer's account on the last day of the plan year in the following proportions:

(1) One half ( 1/2) of the contributions for the plan year shall be allocated among the regular accounts of participating boxers who have not incurred a break in service as of the last day of the plan year in the proportion that each such boxer's scheduled rounds fought for the plan year bears to the total scheduled rounds fought in the plan year; and

(2) One half ( 1/2) of the contributions for the plan year shall be allocated among the regular accounts of participating boxers who have not incurred a break in service as of the last day of the plan year in the proportion that each such boxer's total purses for the plan year bears to the total purses paid for all fights fought by participating boxers in the plan year.

(c) Formula for Allocation of Forfeitures.

Forfeitures and forfeited vested accounts, excluding the 20% of all forfeited vested accounts reserved for any late claimants who, pursuant to 405(d), files a claim for his or her accrued benefit, which become available in a plan year for allocation shall be allocated to each participating boxer's regular account on the last day of the plan year in the following proportions:

(1) One half ( 1/2) of the allocable forfeitures and forfeited vested accounts shall be allocated among all regular accounts as of the last day of the plan year in the proportion that each such regular account bears to the total regular accounts in the Plan; and

(2) One half ( 1/2) of the allocable forfeitures and forfeited vested accounts shall be added to the contributions for the plan year and shall be allocated among the regular accounts of participating boxers who have fought in the current plan year according to the formula set forth in subsection (b) above.

(d) Forfeiture Reserve Account Calculation and Allocation.

20% of all forfeited vested accounts, as provided in section 405(d) below, shall be held in a separate account from which all reinstatement claims filed by late claimants shall be paid. The size of the forfeiture reserve account shall be reviewed and adjusted at the discretion of the commission pursuant to 404(b) and (c). The amount distributed to each late claimant who files a claim with the commission for his or her accrued benefit on or after January 1st of the year in which their 54th birthday occurs shall receive the accrued benefit as of his or her 50th birthday, as provided in 406(a), unadjusted for any subsequent gains.

(e) Forfeiture and Reallocation of Unvested Amounts.

If any participating boxer incurs a break in service prior to becoming a covered boxer, then such participating boxer's regular account shall be held in a suspense account on the records of the Plan after incurring such break in service until such time as it shall be forfeited and reallocated.

Suspense account balances shall be forfeited and reallocated under the Formula set forth in subsection (c) above, as of the last day of the plan year following the plan year in which the participating boxer completes a break in service.

Cal. Code Regs. Tit. 4, § 403

1. Change without regulatory effect of NOTE (Register 87, No. 5).
2. Repealer and new section heading, section and NOTE filed 4-26-96; operative 5-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 17).
3. Amendment of subsection (a) and repealer of subsections (a)(1)-(a)(3) and (e)-(e)(4) filed 6-17-97; operative 6-17-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 25).
4. Amendment of subsection (a) and amendment of NOTE filed 7-23-99 as an emergency; operative 7-23-99 (Register 99, No. 30). A Certificate of Compliance must be transmitted to OAL by 11-22-99 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 7-23-99 order, including further amendment of subsection (a), transmitted to OAL 8-30-99 and filed 10-13-99 (Register 99, No. 42).
6. Amendment of subsection (c)(2) filed 11-1-2001; operative 12-1-2001 (Register 2001, No. 44).
7. Amendment subsections (a) and (c)-(c)(2), new subsection (d) and subsection relettering filed 7-22-2015; operative 10-1-2015 (Register 2015, No. 30).

Note: Authority cited: Sections 18611 and 18881, Business and Professions Code. Reference: Sections 18881 and 18882, Business and Professions Code.

1. Change without regulatory effect of N OTE (Register 87, No. 5).
2. Repealer and new section heading, section and N ote filed 4-26-96; operative 5-1-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 17).
3. Amendment of subsection (a) and repealer of subsections (a)(1)-(a)(3) and (e)-(e)(4) filed 6-17-97; operative 6-17-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 25).
4. Amendment of subsection (a) and amendment of N ote filed 7-23-99 as an emergency; operative 7-23-99 (Register 99, No. 30). A Certificate of Compliance must be transmitted to OAL by 11-22-99 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 7-23-99 order, including further amendment of subsection (a), transmitted to OAL 8-30-99 and filed 10-13-99 (Register 99, No. 42).
6. Amendment of subsection (c)(2) filed 11-1-2001; operative 12-1-2001 (Register 2001, No. 44).
7. Amendment subsections (a) and (c)-(c)(2), new subsection (d) and subsection relettering filed 7-22-2015; operative 10/1/2015 (Register 2015, No. 30).