CHAPTER 5. Retirement System [12301. - 12392.]

Chapter 5 enacted by Stats. 1951, Ch. 764.

§§ 12301–12392 · 28 sections

1. ARTICLE 1. Establishment §§ 12301–12307 · 7 sections

   • § 12301 The board may establish a retirement system for the officers, whether elective or appointive, or both, and employees of the district and provide for the…
   • § 12302 The district may maintain its own retirement fund or may provide for benefits to eligible officers and employees, or their beneficiaries, by means of group…
   • § 12303 Before establishing any retirement system the board shall secure a report from a qualified actuary, which shall show the cost of the benefits provided by the…
   • § 12304 The board may adopt all ordinances and resolutions and perform all acts necessary or convenient to the initiation, maintenance, and administration of the…
   • § 12305 A district may make all or part of its officers, whether elective or appointive, or both, and employees members of the Public Employees’ Retirement System by…
   • § 12306 The board may classify and determine the officers, whether elective or appointive, or both, and employees who shall be included as members in the retirement…
   • § 12307 Notwithstanding any other provision of law, a participant in a deferred compensation plan may also participate in the district’s retirement system, and, in…
2. ARTICLE 2. Benefits and Contributions §§ 12331–12338 · 9 sections

   • § 12331 The board may prescribe the terms and conditions upon which the officers and employees of the district or their beneficiaries shall be entitled to benefits and…
   • § 12332 The retirement allowance may be predicated in part upon service rendered the district by a member prior to the establishment of the retirement system, which…
   • § 12333 The board shall provide that both the district and the members shall contribute to the retirement system. Based on tables and assumptions adopted by the board,…
   • § 12334 All members of the retirement system shall contribute in the manner and amount fixed by the board and such contributions may be collected by deducting the…
   • § 12335 Liabilities accruing under the retirement system because of benefits other than such as are the equivalent of contributions by the members, with accumulated…
   • § 12336 If any member withdraws from the retirement system prior to retirement the total amount contributed by him with such interest as may be credited thereto shall…
   • § 12337 All money received by any person as an annuity, pension, retirement allowance, disability payment, or death benefit from the retirement system, and all…
   • § 12337.5 Notwithstanding the provisions of Section 12337, the retirement board may comply with and give effect to a revocable written authorization signed by a retired…
   • § 12338 Nothing in this division shall prevent a district from establishing a deferred compensation plan for some or all of its officers and employees pursuant to…
3. ARTICLE 3. Retirement Board §§ 12361–12368 · 10 sections

   • § 12361 The board shall create a retirement board of not more than five members, at least two members of which shall be the elected representatives of the employees,…
   • § 12362 All members of the retirement board shall serve without pay.
   • § 12363 The retirement board shall determine the eligibility of officers, employees, and their dependents to participation in the system and shall be the sole…
   • § 12364 If the district maintains its own retirement fund, the retirement board shall have exclusive control of the administration, investment, and disbursement of the…
   • § 12365.6 In addition to such other investments that are authorized by this article, the retirement board may, in its discretion, invest the assets of the retirement…
   • § 12365.7 (a) Notwithstanding any other provision of this chapter, the retirement board, or the district’s treasurer with the approval of the retirement board, may enter…
   • § 12365.8 Notwithstanding any other provision of this article, the retirement system may invest in any and all investments authorized by Section 1372 of the Financial…
   • § 12366 Notwithstanding Section 12364, the retirement board may contract with one or more qualified investment managers in connection with the investment program of…
   • § 12367 The retirement board may authorize a trust company or a trust department of any state or national bank authorized to conduct the business of a trust company in…
   • § 12368 Funds held by a district pursuant to a written agreement between the district and the employees of the district to defer a portion of the compensation…
4. ARTICLE 4. Investigation and Penalties §§ 12391–12392 · 2 sections

   • § 12391 At least once in each four-year period after the establishment of the retirement system the board shall cause to be made an actuarial valuation of the assets…
   • § 12392 Except as herein provided, no member of the board or of the retirement board, nor any member of the retirement system or employee of the district, shall have…