SECTIONS 92613-92614

92613.  The Legislature hereby finds and declares that this sectionis intended to satisfy the requirements prescribed by the OmnibusBudget Reconciliation Act of 1990 (OBRA). Section 3121(b)(7)(F) ofthe Internal Revenue Code requires that employees of the Universityof California must be covered by social security, or, in thealternative, be provided benefits through a qualified pension plan orannuity program. Therefore, to facilitate compliance with theserequirements, the Legislature hereby encourages and empowers theRegents of the University of California to take all steps necessaryto implement a qualified defined contribution plan for theiremployees, and to that end to withhold as deferred compensation fromthe wages otherwise payable to those employees up to 7.5 percent ofwages, as the term "wages" is defined for social security purposes,or the other amount as may be required as an alternative to socialsecurity contributions.92614.  The provisions of Section 92613 shall supersede Sections3560 to 3599, inclusive, of the Government Code and any memorandum ofunderstanding entered into pursuant to those sections, for anyemployees hired or rehired on or after the effective date of thisact.