The board may establish a retirement system for the officers, whether elective or appointive, or both, and employees of the district and provide for the payment of annuities, pensions, retirement allowances, disability payments, and death benefits, or any of them.
Retirement SystemEstablishment
Section § 12301
This law allows the board to set up a retirement system for the district's officers and staff. It covers both elected and appointed officials, as well as regular employees. The system can provide benefits like annuities, pensions, retirement allowances, disability payments, and death benefits.
retirement system officers employees
Section § 12302
This section explains that a district has the option to either maintain its own retirement fund or provide retirement benefits to eligible officers and employees through various methods like group insurance. The goal is to ensure that there is a reliable way to handle retirement payments as decided by the board.
The district 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 such means as in the opinion of the board will satisfactorily provide an adequate and sure method of meeting the payments contemplated by the retirement system.
district retirement fund eligible officers group insurance
Section § 12303
This section of the law requires that before a retirement system is set up, the board must get a detailed report from a qualified actuary. This report should explain how much the retirement benefits will cost and what the future financial situation of the retirement system will look like, including its assets and liabilities.
Before establishing any retirement system the board 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.
retirement system qualified actuary cost of benefits
Section § 12304
This law allows the board to create rules and make decisions needed to start, manage, and run the retirement system effectively.
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.
retirement system administration board authority ordinances
Section § 12305
This law section allows a district to enroll its officers and employees in the Public Employees’ Retirement System (PERS), which is California's retirement program for public employees. Enrollment is done through a contract between the district and the retirement system's administration board. The district can take any necessary actions to facilitate this participation.
A district may make all or part of its officers, whether elective or appointive, or both, and employees members of the Public Employees’ Retirement System by contract entered into between the district and the board of administration of the system under the Public Employees’ Retirement Law (Part 3 (commencing with Section 20000) of Division 5 of Title 2 of the Government Code); and the district may perform all acts necessary or convenient for that participation.
district officers public employee retirement retirement system contract
Section § 12306
This section allows the board to decide which officers and employees, whether elected or appointed, must be part of the retirement system. Once someone is classified into the system, they must join; it's mandatory for those included.
The board may classify and determine the officers, whether elective or appointive, or both, 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.
retirement system membership compulsory enrollment classified officers
Section § 12307
This law allows someone who is part of a deferred compensation plan to also participate in the district’s retirement system. When calculating their retirement benefits or contributions, any money taken from their wages under a specific section is counted as part of their compensation.
Notwithstanding any other provision of law, a participant in a deferred compensation plan may also participate in the district’s retirement system, and, in ascertaining the amount of compensation of such participant, for purposes of computing the amount of his contributions or benefits under the district’s retirement system, any amount deducted from his wages pursuant to Section 12338 shall be included.
deferred compensation plan district’s retirement system participant benefits
