California § 21680 - Except as otherwise provided by law, the officers and employees of this system sh

§ 21680. Except as otherwise provided by law, the officers and employees of this system sh

Except as otherwise provided by law, the officers and employees of this system shall not engage in a transaction with regard to a tax-preferred retirement savings program if they know or should know that the transaction constitutes, directly or indirectly, any of the following: (a) The sale, exchange, or leasing of any property from the program to a participant for less than adequate consideration, or from a participant to the program for more than adequate consideration. (b) The lending of money or other extension of credit from the program to a participant without the receipt of adequate security and a reasonable rate of interest, or from a participant to the program with the provision of excessive security or an unreasonably high rate of interest. (c) The furnishing of goods, services, or facilities from the program to a participant for less than adequate consideration, or from a participant to the program for more than adequate consideration. (d) The transfer to, or use by or for the benefit of, a participant of any assets of the program for less than adequate consideration.