To operate the pension plan effectively and maximize boxers' benefits, the commission should create policies and procedures for its administration to ensure that it transfers funds on a regular basis from the pension fund's state account into its investment account.
The Commission has created a policy and procedure for inclusion in the Administrative Manual for moving money to and from the Pension Investment Account.
The commission created and provided policies and procedures related to transferring funds on a regular basis from the pension fund's state account into its investment account.
The Commission's Executive Officer is working closely with the Department of Consumer Affairs' Budget Office to create a procedure to transfer funds from the pension fund's state account into its investment account.
This recommendation is being performed by not moving more money than is being distributed from the investment account to the SMIF account.
The commission did not provide amended policies and procedures as we recommended. Furthermore, the commission's policies and procedures need to ensure that commission staff make transfers from the state account to the investment account.
The Athletic Commission is currently drafting an Initial Statement of Reasons (ISR) for pension regulation changes. Once the regulations are in place, and the ISR finalized, the Athletic Commission will complete policies and procedures for its administration.
Update: We have made more progress toward the development of this policy, but it is still in the creation phase.
The Commission has yet to formalize this process. Further evaluation of distributions is in progress in order to determine a formal policy. The commission expects to have a policy developed by its six month response.
Agency responses received after June 2013 are posted verbatim.