Section 1166 Of Chapter 3. Pension Plan From California Harbors And Navigation Code >> Division 5. >> Chapter 3.
1166
. (a) The benefits actually paid out each month by the
fiduciary agent or agents designated by the board to all retired and
disabled pilots and inland pilots, to surviving spouses of deceased
pilots and inland pilots, and to successors in interest shall be
equal to the revenue received pursuant to Section 1165 during the
preceding month less the expenses of the fiduciary agent or agents
incurred during that month. The revenue, whether greater or less than
the amount used in determining the tonnage rates under this chapter
to provide the aggregate target pensions to which those persons are
entitled according to Section 1163, shall be paid to each of them in
proportion to the relative target amounts to which they are entitled,
after payment of the expenses of the fiduciary agent or agents.
(b) Revenues for any month or year are the amounts to be received
pursuant to the pension plan for pilotage during that month or year.
The fiduciary agent or agents shall determine which accounting system
shall be used to make the payment, provided that, if the accrual
method is used, it shall be subject to later equitable adjustments
for unpaid receivables.
(c) Benefits pursuant to the new rate calculations shall be paid
commencing in February, May, August, and November of each year and
shall continue through, and include, the next following April, July,
October, and January, respectively, so that each benefit pension
period equals three months of payments. The period during which
benefits are paid is the benefit payment period.