County Employees Retirement Law of 1937 (CERL) - sdcera

upon the county treasurer by this article are a part of his or her official duties, for the faithful
performance of which he or she is liable on his or her official bond.
(b) The board may, or if authorized by the board, the treasurer shall authorize a state
or federally chartered depository institution, the deposits of which are insured by the Federal
Deposit Insurance Corporation, or any trust company licensed under state or federal law to
conduct the business of a trust company or any Federal Reserve Bank, to act as custodian
of any securities owned by the retirement association. In that case, the duties imposed by
subdivision (a) upon the county treasurer shall instead be performed by the board and shall be
included in any agreement for custodial services. Any of these banks or trust companies may
be authorized to collect the income from the securities and deposit the proceeds in an account
established by the board for the retirement association.
(Amended by Stats. 1995, Ch. 584 (A.B. 1021), Sec. 8)
(Amended by Stats. 1999, Ch. 771 (A.B. 731), Sec.1)
§31596.1. Expenses of investing moneys
The expenses of investing its moneys shall be borne solely by the system.
The following types of expenses shall not be considered a cost of administration of the
retirement system, but shall be considered as a reduction in earnings from those investments or
a charge against the assets of the retirement system as determined by the board:
(a) The costs, as approved by the board, of actuarial valuations and services rendered
pursuant to Section 31453.
(b) The compensation of any bank or trust company performing custodial services.
(c) When an investment is made in deeds of trust and mortgages, the fees stipulated in
any agreement entered into with a bank or mortgage service company to service such deeds of
trust and mortgages.
(d) Any fees stipulated in an agreement entered into with investment counsel for
consulting or management services in connection with the administration of the board’s
investment program, including the system’s participation in any form of investment pools
managed by a third party or parties.
(e) The compensation to an attorney for services rendered pursuant to Section 31607 or
legal representation rendered pursuant to Section 31529.1.
(Amended by Stats. 1992, Ch. 1047, Sec. 3, Effective January 1, 1993)
§31597. Annual financial statement
Before June 30th of each year the retirement board shall file in the office of the county
auditor and with the board of supervisors a sworn statement that shall exhibit the financial
condition of the retirement system at the close of the preceding December 31st and its financial
transactions for the year ending on that day.
(Added by Stats. 1947, Ch. 424, Sec. 1)
(Amended by Stats. 1995, Ch. 584 (A.B. 1021), Sec. 9)
(Amended by Stats. 2003, Ch. 520 (A.B. 1585), Sec. 4)
§31597.1. Alternative financial statement; applicability
Before December 31 of each year, the retirement board shall file in the office of the
county auditor and with the board of supervisors a sworn statement that shall exhibit the
financial condition of the retirement system at the close of the preceding June 30th and its
financial transactions for the fiscal year ending that day. This section is not operative in
any county until the board of supervisors, by resolution adopted by a majority vote, makes
the provisions of this section applicable in the county. After the filing of the first fiscal year
Article 5, §31596. - §31597.1. 136