ARTICLE 3. Retirement Board

Article 3 added by Stats. 1947, Ch. 424.

§§ 31950–31967 · 18 sections

• § 31950 The management of the system is vested in a board of retirement, consisting of five members, one of whom shall be the county treasurer acting in an exofficio…
• § 31951 The first persons elected or appointed as the second and fourth members shall serve for two years from the date the system becomes operative, and the third and…
• § 31952 Neither the enactment of this chapter nor any amendment of its predecessor shortens the term of any member of the board who was lawfully elected or appointed,…
• § 31953 A pensioner is eligible for membership on the board to the same extent as if he were a member.
• § 31954 The members of the board, except the fourth and fifth members, shall serve without compensation. The fourth and fifth members of the board shall receive ten…
• § 31955 The board shall organize by choosing one of its number as chairman. Thereafter the officers shall be chosen biennially by the board.
• § 31956 The board shall meet for the transaction of business at least once every three months in each calendar year and at other times as it or a majority of its…
• § 31957 A majority of the members may transact any business of the board.
• § 31958 The board may compel witnesses to attend and testify before it upon all matters connected with the operation of this chapter in the same manner as is provided…
• § 31959 The board may appoint a secretary and provide for the payment from the fund of all its necessary expenses, including secretary hire and printing.
• § 31960 The board may make regulations not inconsistent with this chapter. The regulations shall become effective when approved by the board of supervisors.
• § 31961 The board shall report annually in January to the board of supervisors the condition of the fund and the receipts and disbursements on account of the fund with…
• § 31962 The board shall annually prepare a budget of the cost of maintaining the pension fund. For this purpose it may employ an actuary to assist it in preparing the…
• § 31963 The board shall cause an actuarial investigation and valuation of the system to be made immediately after the first year of operation and thereafter at not to…
• § 31964 After the receipt of the recommendations the board of supervisors shall promptly adjust the rate of interest, the rates of contributions of members, and county…
• § 31965 The board has charge and control of the funds of the system, and shall administer them and order payments therefrom in accordance with this chapter.
• § 31966 The board shall invest and reinvest the funds of the system, and may from time to time sell any securities held by it and invest and reinvest the proceeds…
• § 31967 Whenever securities belonging to or held for the system are sold, the county treasurer shall deliver the securities sold upon receiving the proceeds and may…