County Employees Retirement Law of 1937 (CERL) - sdcera

(e) “Public agency” means any local public agency, as defined in Section 53630.
(f) “Retirement system board” means the governing board of the retirement system.
(g) “Staff” means the officers and employees of the retirement system or of the
postemployment health benefits fund, as applicable.
(Added by Stats. 2009, Ch. 326 (S.B. 11), Sec. 1)
§31699.3. Purpose (San Bernardino)
The purpose of this article is to allow the retirement system board to establish a
postemployment health benefits fund for public agencies that would enable the agencies to do
all of the following:
(a) Combine for investment the assets that the agencies set aside to provide for retiree
health benefits.
(b) Take advantage of economies of scale.
(c) Use existing investment expertise to reduce the cost of funding for retiree health
benefits and increase the security of public retirees and their dependents in those benefits.
(Added by Stats. 2009, Ch. 326 (S.B. 11), Sec. 1)
§31699.4. Authority to establish postemployment health benefits fund for collective
investment of assets (San Bernardino)
(a)(1) The retirement system board may establish, by resolution, a postemployment
health benefits fund for the collective investment of assets held in trust solely for the exclusive
benefit of providing health benefits to employees of any local public agency.
(2) The postemployment health benefits fund board shall be composed of the same
members that compose the retirement system board. The postemployment health benefits fund
board shall have the sole and exclusive responsibility and discretion for administration of the
postemployment health benefits fund. However, the retirement system board may terminate
the fund in its discretion at any time.
(b) The postemployment health benefits fund shall be established and administered to
comply with the requirements of Governmental Accounting Standards Board Statements No.
43 and No. 45 (GASB 43 and 45) for assets held by the postemployment health benefits fund to
be treated as plan assets, to the extent reasonably practicable.
(c) The assets in the postemployment health benefits fund shall be irrevocably held
for the exclusive purposes of providing health benefits to employees of the participating
public agencies, and to defray the reasonable expenses of administering the fund. The
postemployment health benefits fund board may require that all assets transferred to it
on behalf of a participating public agency be transferred from a trust fund that meets the
requirements of GASB 43 and 45 for assets to be treated as plan assets, including that the assets
of the trust fund be held for the exclusive purpose of providing health benefits to employees of
a local public agency.
(d) The retirement system board shall determine, at its sole discretion, the form of the
postemployment health benefits fund, which may be one or more trusts that are established
under Section 115 of the Internal Revenue Code or any other form or forms chosen. The
retirement system board may take any and all actions necessary or appropriate to implement
the postemployment health benefits fund, including, but not limited to, establishing one or
more joint powers authorities, partnerships, common trust funds, or other mechanisms in order
to combine or commingle the assets held by the fund for investment purposes.
(e) A public agency, or the trustees of a trust fund that has transferred assets to
the postemployment health benefits fund, may, in accordance with rules established by the
postemployment health benefits fund board, direct that all or part of the assets allocated to
Article 8.10, §31699.2. - §31699.4. 244