County Employees Retirement Law of 1937 (CERL) - sdcera

expended for any purpose other than the expense of administration of the system, investments
for the benefit of the system, and the provision of benefits to the members and retired members
of the system and their survivors and beneficiaries.
(Added by Stats. 1983, Ch. 923, Sec. 3)
§31589. Accounting as to transfers or payments to system
All transfers or payments to the retirement system and all withdrawals and other cash
transactions, shall be accounted upon the books of the retirement board, or treasurer and
auditor, if authorized by the board, in and out of the retirement fund, in the same manner as
county transactions.
(Added by Stats. 1947, Ch. 424, Sec. 1)
(Amended by Stats. 1995, Ch. 584 (A.B. 1021), Sec. 5)
§31589.1. Trade of bonds for similar bonds
There is hereby established for accounting purposes in the County Employees
Retirement Law of 1937 the following procedure for treating a trade of bonds for similar bonds.
Any loss or gain attributable to a trade of a like bond in the portfolio of any retirement system
adopted pursuant to this chapter may be amortized over the life of the bond traded out by
adding to or subtracting from the discount or premium attributable to the bond traded in.
Like bonds for purposes of this section are considered to be bonds which will mature
within seven years of the life of the bond traded out. Bonds to be traded must be of the first
four grades. The fact that one bond may be a debenture and another a mortgage bond, or that
the bonds may have different rates of return, shall not keep them from being like bonds.
This section shall not be operative in any county until such time as the board shall, by
resolution adopted by majority vote, make the provisions of this section applicable in such
county.
(Added by Stats. 1974, Ch. 1366, Sec. 2)
§31590. Warrants, checks, and electronic fund transfers; signature and authorization; validity;
direct deposit of electronic fund transfers; authorization of benefit payments issuance
by banks
(a) All warrants, checks, and electronic fund transfers drawn on the retirement fund
shall be signed or authorized by at least two board officers or employees, designated by the
board or by the treasurer if designated by the board. If the treasurer is designated by the board,
the board shall also designate the auditor to sign or authorize warrants, checks, and electronic
fund transfers. The authorization may be by blanket authorization of all warrants, checks,
or electronic fund transfers appearing on a list or register, or may be by a standing order to
draw warrants, checks, or electronic fund transfers, which shall be good until revoked. If the
treasurer and auditor are designated by the board, a warrant, check, or electronic fund transfer
is not valid until it is signed or authorized, numbered, and recorded by the county auditor,
except as provided in subdivision (c).
(b) Any person entitled to the receipt of benefits may authorize the payment of the
benefits to be directly deposited by electronic fund transfer into the person’s account at the
financial institution of the person’s choice under a program for direct deposit by electronic
transfer established by the board or treasurer if authorized by the board. The direct deposit
shall discharge the system’s obligation in respect to that payment.
(c) The board may, or, if authorized by the board, the treasurer shall, authorize a trust
company or trust department of any state or national bank authorized to conduct the business
of a trust company in this state or the Federal Reserve Bank of San Francisco or any branch
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Article 5, §31588.2. - §31590.