(a) All moneys in the Teachers Tax-Sheltered Annuity Fund are continuously appropriated to the board for disbursement for the purposes of the tax-sheltered annuity plan previously provided under this part.
(b) The board may provide by board rule for optional forms of payment from the Teachers Tax-Sheltered Annuity Fund.
(c) The Teachers Tax-Sheltered Annuity Fund as it existed on December 31, 1994, shall continue to exist for purposes of this section.
(d) This section shall cease to be operative 180 days after the date that an annuity contract and custodial account established pursuant to Chapter 36 (commencing with Section 24950) becomes operative. On the date this section ceases to be operative this section is repealed unless a statute that is enacted before that date deletes or extends that date.
(Amended by Stats. 1996, Ch. 634, Sec. 89.)
Education Code 24950