CHAPTER 4. Fiduciary Duties
Chapter 4 added by Stats. 1993, Ch. 893, Sec. 2.
§§ 22250–22261 · 12 sections
- § 22250 The board and its officers and employees of the system shall discharge their duties with respect to the system and the plan solely in the interest of the…
- § 22251 (a) Except as provided in subdivision (b), the assets of the plan shall never inure to the benefit of an employer and shall be held for the exclusive purposes…
- § 22252 Except as otherwise provided by law, the board and its officers and employees of the system shall not cause the system to engage in a transaction if they know…
- § 22253 The board and its officers and employees of the system shall not do any of the following: (a) Deal with the assets of the plan and the system in their own…
- § 22254 (a) Any board member or officer who breaches any of the responsibilities, obligations, or duties imposed upon them by Section 22251, 22252, or 22253 shall be…
- § 22255 (a) No board member or officer shall be personally liable for the breach of a fiduciary duty except as set forth in Section 22254 or 22256. This subdivision…
- § 22256 A board member or officer shall be liable for a breach of fiduciary responsibility of another board member or officer with respect to the system in the…
- § 22257 (a) Notwithstanding Section 22203, the board may contract with or appoint one or more investment managers to manage the assets of the retirement fund. If the…
- § 22258 Notwithstanding Section 13340 of the Government Code, there is hereby continuously appropriated, without regard to fiscal years, from the retirement fund to…
- § 22259 (a) All board members and officers and employees of the system shall execute a fidelity bond, in an amount determined by the board to be prudent, conditioned…
- § 22260 Notwithstanding any other provision of law, the system may provide credit enhancement for bonds, notes, certificates of participation, or other evidences of…
- § 22261 Notwithstanding any other provision of law, the board may make investments related to the planning, development, or acquisition of surplus real property owned…