66540.55. The authority shall prescribe a method of securing employees, shall adopt rules and regulations governing the employment of employees, and shall prescribe the compensation to be paid to employees, including the provision of compensation based upon successful accomplishment of goals and objectives specified in advance. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective […]
66540.56. Represented employees of the San Francisco Bay Area Water Transit Authority shall become employees of the authority and shall suffer no loss of employment or reduction in wages, health and welfare benefits, seniority, retirement benefits or contributions made to retirement plans, or any other term or condition of employment solely as a result of […]
66540.57. The authority may establish a retirement system for the officers and employees of the authority and provide for the payment of annuities, pensions, retirement allowances, disability payments, and death benefits or any of them. (Added by Stats. 2007, Ch. 734, Sec. 2. Effective January 1, 2008.)
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 […]
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.)
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 (Repealed and added by Stats. 2007, Ch. 734, Sec. 2.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.)
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 […]
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.)
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 […]
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.)
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 […]
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, […]
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.)
66540.68. (a) This article does not apply to any employees of the authority in a bargaining unit that is represented by a labor organization, except as to the protection of the rights of those employees that were employees of the San Francisco Bay Area Water Transit Authority as specifically provided in Section 66540.56. (b) The adoption, terms, […]
