Section 21601 Of Article 4. Preretirement Group Term Life Insurance From California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 14. >> Article 4.

. A separate account shall be established in the retirement fund to be known as the Insurance Benefits Account. Moneys in the account shall be expended for the sole purpose of payment of insurance benefits under this article. Interest shall be credited to the account at the annual rate and in the same manner as interest is credited to employer and employee contributions in the retirement fund.