The Legislature hereby finds and declares that pursuant to the authorizing legislation creating and establishing the Cash Balance Plan, the board transferred one million dollars ($1,000,000) in the form of a loan from the retirement fund holding assets at that time exclusively for the State Teachersâ Retirement System Defined Benefit Plan to the newly created Cash Balance Plan. That loan represented an asset receivable to the State Teachersâ Retirement System Defined Benefit Plan and a liability obligation to the State Teachersâ Retirement System Cash Balance Plan. As a result of the merger of these two plans authorized under this part, the assets held in the retirement fund shall hereby reflect the combined assets of the State Teachersâ Retirement Plan. That loan shall be discharged by the creation and establishment of the State Teachersâ Retirement Plan pursuant to the merger.
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