Section 66540.58.
66540.58. The authority may maintain its own retirement fund or may provide for benefits to eligible officers and employees, or their beneficiaries, by means of group insurance or other insurance, or by those means that in the opinion of the board will satisfactorily provide an adequate and sure method of meeting the payments contemplated by […]
Section 66540.59.
66540.59. Before establishing any retirement system, the authority shall secure a report from a qualified actuary, which shall show the cost of the benefits provided by the system, and the prospective assets and liabilities of the system. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)
Section 66540.60.
66540.60. The board may adopt all ordinances and resolutions and perform all acts necessary or convenient to the initiation, maintenance, and administration of the retirement system. (Repealed and added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)
Section 66540.61.
66540.61. As an alternative method of providing a retirement system, the board may contract with the Board of Administration of the Public Employees’ Retirement System and enter all or any portion of its employees under that system pursuant to law and under the terms and conditions of that contract, or may contract with the Board […]
Section 66540.62.
66540.62. The board may also contract with the Board of Administration of the Public Employees’ Retirement System for participation in the Federal Social Security Act and may perform all acts necessary or convenient for that participation. (Repealed and added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)
Section 66540.63.
66540.63. The board may classify and determine the officers and employees who shall be included as members in the retirement system and may change the classification from time to time. Membership of all officers and employees so classified and included in the retirement system is compulsory. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective […]
Section 66540.64.
66540.64. The board may prescribe the terms and conditions upon which the officers and employees of the authority or their beneficiaries shall be entitled to benefits and the amounts thereof. (Repealed and added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)
Section 66540.65.
66540.65. Any pension or retirement system adopted by the board shall be on a sound actuarial basis and provide for contributions by both the authority and the employee members of the system which shall be based on percentage of payroll to be changed only by adjustments on account of experience under the system. (Added by […]
Section 66540.66.
66540.66. Contributions shall be in amounts that shall accumulate at retirement a fund sufficient to carry out the promise to pay benefits to the individual on account of his or her service as a member of the system, without further contributions from any source. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, […]
Section 66540.67.
66540.67. Nothing in any pension or retirement system or plan shall prevent the board from, at any time, amending, changing, modifying or terminating any provision for benefits, participation, or contributions thereto or thereunder. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)