Section 45310.5.
45310.5. The ordinance may provide for a modification of rights and benefits of a member because of membership in a reciprocal system similar to and under the same conditions as those provided under the County Employees’ Retirement Law of 1937 and the Public Employees’ Retirement Law because of membership in two or more retirement systems […]
Section 45310.6.
45310.6. When a city has established a reciprocal retirement system under this chapter, the following shall apply: (a) Any former member who left service under that system and became a member of a reciprocal retirement system or a retirement system established under the Public Employees’ Retirement Law, and who did not elect to, or was not […]
Section 45307.
45307. The ordinance shall provide for the appointment of a retirement board and for the delegation to the board of such powers and duties in relation to the system as are deemed advisable to carry out the intent and purpose of this article. (Added by Stats. 1949, Ch. 79.)
Section 45308.
45308. The legislative body may maintain its own pension and retirement fund or may contract with the legislative body of any city or county in the State, or any state department, for: (a) The performance of any service in connection with the establishment or administration of the retirement system. (b) The investment, care, or administration of retirement […]
Section 45308.1.
45308.1. All funds received by city retirement systems and not required for current disbursements shall be invested only in: (a) Securities which are legal for savings bank investments in this state, or which have been certified as legal investments for savings banks pursuant to Division 10 (commencing at Section 20000) of the Water Code. (b) Securities which, […]
Section 45308.2.
45308.2. Notwithstanding Section 45308.1 funds received by city retirement systems and not required for current disbursements may be invested in real property or improvements constructed or to be constructed on real property, when such real property or such improvements are acquired for sale or lease to a city, county, school district, political subdivision, or political […]
Section 45308.3.
45308.3. Notwithstanding Section 45308.1, funds received by city retirement systems and not required for current disbursements may be invested in bonds issued pursuant to the Improvement Bond Act of 1915; provided, that an ad valorem tax on all property taxable by the public agency which authorized the issuance of such bonds, at a rate not […]
Section 45308.4.
45308.4. Notwithstanding Section 45308.1, funds received by city retirement systems and not required for current disbursements may be invested in any of the following: (a) First liens on real property if the loan is fully guaranteed or insured or covered by a commitment to guarantee or insure by the Federal Housing Commissioner. (b) First liens on real […]
Section 45308.5.
45308.5. Notwithstanding Section 45308.1, in addition to any other investments as are authorized by this article, city retirement systems may in their discretion under the advice of proper counsel invest the assets of the retirement fund in an amount, determined on the basis of cost, not to exceed 10 percent of the assets in the […]
Section 45300.
45300. It is the intent of this article to enable any city to adopt such a retirement system as is adaptable to its size and type. (Added by Stats. 1949, Ch. 79.)