Los Angeles Municipal Code Art. 8 Deductions for Golden State Scholarshare College Savings Trust

Any employee of the City of Los Angeles may authorize the contribution, by payroll deduction, into the various tax-deferred investment options of the Golden State ScholarShare College Savings Trust, on behalf of a designated beneficiary to provide for qualified higher education expenses.

The authorization for such deduction shall be in a form the City Controller may determine, shall be signed by the employee and delivered to the City Controller and thereafter, until revoked or cancelled by such employee, shall be effective as of the end of each payroll period. Each pay period upon which any deductions are made as authorized in this article shall be accompanied by a check or demand upon the General Payroll/Reimbursement Fund against which the payroll is issued in favor of the “Golden State ScholarShare Trust” established by this article.

SECTION HISTORY

Added by Ord. No. 175,580, Eff. 11-29-03.

The Controller shall perform such duties necessary in the handling of these deductions and shall perform any attendant clerical work. The Controller shall deliver to the City Treasurer the checks or demands drawn in favor of said trust as provided in Section 4.219.2. The Controller shall charge and collect from participating employees a fee of $0.50 for each deduction taken pursuant to this article.

SECTION HISTORY

Added by Ord. No. 175,580, Eff. 11-29-03.

The payment to any employee of a paycheck or demand equal to the difference between the salary earned and deductions made pursuant to this article shall constitute a full and complete discharge and acquittance of all claims and demands whatever for the services rendered by the employee during the period covered by the payroll check or demand.

SECTION HISTORY

Added by Ord. No. 175,580, Eff. 11-29-03.