2005 California Business and Professions Code Sections 18880-18887 Article 16. Boxer Benefits

18880.  The Legislature finds and declares that professional boxers,
as a group, for many reasons, do not retain their earnings, and are
often injured or destitute, or both, and unable to take proper care
of themselves, whether financially or otherwise, and that the
enactment of this article is to serve a public purpose by making
provisions for a needy group to insure a modicum of financial
security for professional boxers.  The provisions of this article
pertain only to professional boxers.
18881.  (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) 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.  The method of financing the pension plan may
include, but is not limited to, assessments on tickets and
contributions by boxers, managers, promoters, or any one or more of
these persons, in an amount sufficient to finance the pension plan.
For purposes of this section, the term "sufficient" means that the
annual contributions shall be calculated to achieve no less than the
average level of annual aggregate pension plan contributions from all
sources for the period from July 1, 1981, through December 31, 1994,
and adjusted thereafter to reflect changes in the Consumer Price
Index for California as set forth by the Bureau of Labor Statistics.
   (c) Any pension plan established by the commission shall be
actuarially sound.
18882.  (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.
18884.  (a) A promoter may, but is not required to, add to the price
of each ticket sold for a professional boxing contest, an amount
specifically designated on the ticket for contribution as a donation,
either or both, to the pension plan established pursuant to Section
18881.  The additional amount shall not be subject to the admissions
tax required by Section 18824 or any other deductions.  Nothing in
this section shall authorize the addition of such amounts to less
than all the tickets sold for the professional boxing contest
involved.  The promoter shall pay additional contributions collected
in accordance with Section 18881.
   (b) Any additional contributions received pursuant to this section
shall not be considered to offset any of the contributions required
by the commission under Section 18881.
18887.  In addition to any other form in which retirement benefits
may be distributed under the pension plan, the commission may, in its
discretion, award to a covered boxer a medical early retirement
benefit in the amount contained in the covered boxers' pension plan
account at the time the commission makes this award and in the manner
provided in the regulations governing the boxers' pension plan.
This benefit shall be in lieu of a pension.