50953. (a) The award system shall be administered by the board and the board shall comply with the following requirements: (1) The board shall maintain a plan as described in Section 457(e)(11) of Title 26 of the United States Code. (2) The representatives on the board shall be elected. (3) The representatives on the board shall administer the award […]
50954. (a) The board shall adopt rules and regulations to administer the award system, including, but not limited to, all of the following: (1) Eligibility requirements for a member to receive an award, including, but not limited to, minimum age and minimum years of certified service credit. (2) Eligibility requirements for a member to include certified prior service […]
50955. (a) The board shall, from time to time, determine and fix the annual interest rate and actuarial interest rate. (b) The board shall keep in convenient form the data necessary for the actuarial valuation of the award system. The board shall, at least quadrennially, cause to be made an actuarial investigation into the mortality and service […]
50956. (a) On the basis of investigation and valuation, the board shall adopt the mortality, service, and other tables as it deems necessary, and shall make changes in the contributions required from contracting departments as the board considers appropriate in order to assure the actuarial soundness of this award system. (b) The board shall credit all contributions […]
50957. The custodian of the fund shall be subject to the exclusive control of the board to administer and invest the assets of the fund. The assets in the fund shall be used to pay the costs of administration and for the payment of awards under this chapter. (Repealed and added by Stats. 2007, Ch. […]
