Text of the Resolution passed by the State Fund Board of Directors opposing the sale of State Fund Assets:
Whereas the Board of Directors received a full and complete briefing regarding the Budget Trailer Bill (AB 188) and directors' duties and obligations; and
Whereas the State Compensation Insurance Fund assets are dedicated to the purpose of providing a fair, competitive and self-supporting workers compensation company for the benefit of policyholders, injured workers and employees; and
Whereas the Board of Directors considered existing proposed legislation to sell State Compensation Insurance Fund's assets for the purpose of balancing the California budget;
NOW THEREFORE, be it resolved that the State Compensation Insurance Fund Board of Directors is opposed to any proposed legislation regarding the sale or other disposition of State Compensation Insurance Fund assets and liabilities for the purpose of balancing the California budget, whether to the General Fund or any other fund.
More information and background on the proposed sale of State Fund assets is available here.
