County Employees Retirement Law of 1937 (CERL) - sdcera

§31592.5. Notice to organization recognized by board as representing retired county or
district employees of proposed changes to retirement benefits or use or uses of excess
retirement system funds
The board shall provide to any organization that is recognized by the board as
representing the retired employees of the county or district reasonable advance notice of any
proposed changes to the retirement benefits offered by the system or the use or uses of excess
funds of the retirement system. The organization shall have a reasonable opportunity to
comment prior to any formal action by the board on the proposed changes.
(Added by Stats. 2003, Ch. 191 (S.B. 270), Sec. 1 as G.C. Section 31537.
Renumbered by Stats. 2004, Ch. 441 (A.B. 979), Sec. 2)
§31593. Audit and report
The retirement board shall conduct an audit of the retirement system at least once every
12 months and report upon its financial condition. The retirement board may retain the services
of a certified public accountant to perform the annual audit. That audit shall be performed
in accordance with generally accepted auditing standards. The cost of the audit shall be
considered a cost of the administration of the retirement system. The audit report shall address
the financial condition of the retirement system, internal accounting controls, and compliance
with applicable laws and regulations. A copy of the audit report shall he filed with the board of
supervisors.
Nothing in this section shall preclude the retirement board from selecting the county
auditor to perform the annual audit, and if so done, the cost of that audit shall he considered a
cost of the administration of the retirement system.
At the request of the county board of supervisors, the county auditor may audit the
accounts of the retirement system. The expense of that audit shall not be a cost chargeable by
the county to the retirement system.
(Added by Stats. 1947, Ch. 424, Sec. 1)
(Repealed and added by Stats. 1998, Ch. 109 (A.B. 1766), Sec. 5 and 6)
§31594. Investment of funds
It is the intent of the Legislature, consistent with the mandate of the voters in passing
Proposition 21 at the June 5, 1984, Primary Election, to allow the board of any retirement
system governed by this chapter to invest in any form or type of investment deemed
prudent by the board pursuant to the requirements of Section 31595. It is also the intent of
the Legislature to repeal, or amend as appropriate, certain statutory provisions, whether
substantive or procedural in nature, that restrict the form, type, or amount of investments that
would otherwise be considered prudent under the terms of that section. This will increase the
flexibility and range of investment choice available to these retirement systems, while ensuring
protection of the interests of their beneficiaries.
(Repealed and added by Stats. 1984, Ch. 1738, Sec. 5, Effective September 30, 1984)
§31595. Control of investments; authority to invest assets; discharge of duties
The board has exclusive control of the investment of the employees retirement fund.
The assets of a public pension or retirement system are trust funds and shall be held for the
exclusive purposes of providing benefits to participants in the pension or retirement system
and their beneficiaries and defraying reasonable expenses of administering the system. Except
as otherwise expressly restricted by the California Constitution and by law, the board may,
in its discretion, invest, or delegate the authority to invest, the assets of the fund through the
purchase, holding, or sale of any form or type of investment, financial instrument, or financial
Article 5, §31592.5. - §31595. 134