(a) Any annuity contract and custodial account advertised, promoted, or offered through one or more third-party service providers, shall provide for recovery, from the employees who participate, of all costs and expenses of its own administration, including, but not limited to, advertising, promotion, legal, accounting, compliance, recordkeeping, and investment costs and expenses.
(b) Any annuity contract and custodial account administered by the system shall provide for the recovery of all costs and expenses of its administration.
(c) The system may promote and advertise an annuity contract and custodial account administered directly by the system or by a third-party administrator.
(Amended by Stats. 2006, Ch. 780, Sec. 3.)