9353. This system shall be administered by the Board of
Administration of the Public Employees' Retirement System. The board
shall administer this system in accordance with the provisions of the
Public Employees' Retirement Law to the same extent and with the
same effect as if those provisions are contained in the Legislator's
Retirement Law, except for those provisions which provide for the
payment of an allowance or other benefit and except for those
provisions which conflict with any provision or provisions of the
Legislators' Retirement Law.
9353.1. The board may make such rules as it deems necessary and
proper for the administration of this system.
9353.2. The board shall determine who are members of this system
and is the sole judge of the conditions under which persons may be
admitted to and continue to receive benefits under this system.
9353.3. From time to time the board shall determine the rate of
interest being earned on the Legislators' Retirement Fund, and shall
credit all contributions of members and retired members with interest
at the net earnings rate, compounded at each June 30th.
9353.4. At the end of each fiscal year the board may credit to all
contributions held in the fund at June 30th of the then current
fiscal year, such interest in excess of the current rate as it deems
proper in the light of the earnings on the fund during that fiscal
year, but not more than the difference between such earnings and the
interest credited at the current rate to contributions during that
year.
9353.5. Each member of this system shall file with the board any
information affecting his or her status as a member as the board may
require.
9353.6. The Chief Clerk of the Assembly shall give the board
immediate written notice of the change in status of any legislative
statutory officer elected by the Assembly or Member of the Assembly
resulting from induction into office, resignation, expulsion, death,
or any other circumstances terminating his or her office as Member of
the Assembly, or as a legislative statutory officer, and the
Secretary of the Senate shall give the board immediate written notice
of any change in status of any Member of the Senate or legislative
statutory officer elected by the Senate. The Secretary of State shall
give the board immediate written notice of any change in status of
any elective state officer who is eligible to membership in the
system.
9353.7. If it is impracticable for the board to determine from the
records the length of service, compensation, or age of any member of
this system, or if any member refuses or fails to give the board a
statement of his or her state service, compensation, or age, the
board may estimate the length of service, compensation, or age.
9353.8. If more or less than the correct amount of contribution
required of members or the State is paid, proper adjustment shall be
made in connection with subsequent payments, or such adjustments may
be made by direct cash payments between the member or the State and
the board. Adjustments to correct any other errors in payments to or
by the board may be made in the same manner.
9354. The Legislators' Retirement Fund in the State Treasury is
hereby established. All moneys received by this system pursuant to
this chapter shall be deposited in the fund, and all retirement
allowances, benefits, optional settlements, and other obligations or
payments payable by this system pursuant to this chapter shall be
paid from the fund. Costs of administration shall be paid from annual
appropriations from earnings on the fund. Notwithstanding Section
13340, all moneys in the fund are continuously appropriated without
regard to fiscal years.
9354.1. The board has the exclusive control of the administration
and investment of the fund, with the same powers and duties, and
subject to the same limitations and restrictions, that are applicable
to the administration and investment of the Public Employees'
Retirement Fund. All of the provisions of the Public Employees'
Retirement Law applicable to the administration, investment, and
custody of the Public Employees' Retirement Fund are hereby made
applicable to the Legislators' Retirement Fund, to the same extent
and with the same effect as if the Legislators' Retirement Fund were
expressly mentioned therein.
9354.2. In addition to other records and accounts, the board shall
keep such records and accounts as may be necessary to show at any
time:
(a) The total accumulated contributions of members.
(b) The accumulated contributions of the State held on account of
members, which shall include the amounts available to meet the
obligation of the State on account of benefits granted to retired
members.
9354.3. As soon as practicable after the close of each fiscal year,
the board shall file with the Governor a report of its work for such
fiscal year. Not later than March 15th next following the close of
the fiscal year, the board shall transmit a copy of such report to
each house of the Legislature and may transmit a copy to every member
and beneficiary of the system.
9354.5. The board shall keep in convenient form such data as is
necessary for the actuarial valuation of this system. As of June 30,
1973, and thereafter at the ends of periods not to exceed four years,
it shall cause to be made an actuarial investigation into the
mortality, service and compensation experience of members and persons
receiving benefits and an actuarial valuation of the assets and
liabilities of this system. From time to time it shall determine the
rate of interest being earned on the Legislators' Retirement Fund.
The board shall cause to be published, as of the date of the
investigation and valuation, a financial statement showing an
actuarial valuation of the assets and liabilities of this system and
a statement as to the accumulated cash and securities in the
Legislators' Retirement Fund as certified by the Controller.
The board shall include recommendations for financing the system
in the financial statement.
9354.6. When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the system, the board may adopt appropriate
assumptions which are necessary, upon the advice and recommendation
of the actuary.
All computations, payments, and other acts previously made or done
by the board or its officers and employees which would be valid if
this section had been in effect at the time the computations,
payments, or other acts were made or done are hereby ratified,
confirmed, and validated.
9354.7. (a) Whenever a person entitled to payment of a member's
accumulated contributions or any other benefit fails to claim the
payment or cannot be located or a warrant in payment is canceled
pursuant to Section 17070, the amount owed from the retirement fund
shall be administered in accordance with subdivision (c).
(b) Whenever the amount of a benefit payable by this system cannot
be determined because the recipient cannot be identified or
information necessary to determination of the benefit to be paid
cannot be ascertained, the accumulated contributions of the member on
whose account the benefit is payable shall be administered in
accordance with subdivision (c).
(c) Notwithstanding any provision of law to the contrary, the
amounts described in subdivisions (a) and (b) shall be held, or if a
warrant has been drawn the warrant shall be redeposited in the
retirement fund and held for the claimant without further
accumulation of interest, and the redeposit shall not operate to
reinstate the membership of the person with respect to whose
membership the refund or benefit was payable in this system. If the
proceeds, whether heretofore or hereafter redeposited, are not
claimed within four years after the date of the redeposit, they shall
revert to and become part of the fund. Transfer to the fund shall be
made as of the June 30th next following the expiration of the
four-year period.
The board may at any time after transfer of proceeds to the fund
upon receipt of proper information satisfactory to it, return the
proceeds to the credit of the claimant, to be administered in the
manner provided under this system.
9353. This system shall be administered by the Board of
Administration of the Public Employees' Retirement System. The board
shall administer this system in accordance with the provisions of the
Public Employees' Retirement Law to the same extent and with the
same effect as if those provisions are contained in the Legislator's
Retirement Law, except for those provisions which provide for the
payment of an allowance or other benefit and except for those
provisions which conflict with any provision or provisions of the
Legislators' Retirement Law.
9353.1. The board may make such rules as it deems necessary and
proper for the administration of this system.
9353.2. The board shall determine who are members of this system
and is the sole judge of the conditions under which persons may be
admitted to and continue to receive benefits under this system.
9353.3. From time to time the board shall determine the rate of
interest being earned on the Legislators' Retirement Fund, and shall
credit all contributions of members and retired members with interest
at the net earnings rate, compounded at each June 30th.
9353.4. At the end of each fiscal year the board may credit to all
contributions held in the fund at June 30th of the then current
fiscal year, such interest in excess of the current rate as it deems
proper in the light of the earnings on the fund during that fiscal
year, but not more than the difference between such earnings and the
interest credited at the current rate to contributions during that
year.
9353.5. Each member of this system shall file with the board any
information affecting his or her status as a member as the board may
require.
9353.6. The Chief Clerk of the Assembly shall give the board
immediate written notice of the change in status of any legislative
statutory officer elected by the Assembly or Member of the Assembly
resulting from induction into office, resignation, expulsion, death,
or any other circumstances terminating his or her office as Member of
the Assembly, or as a legislative statutory officer, and the
Secretary of the Senate shall give the board immediate written notice
of any change in status of any Member of the Senate or legislative
statutory officer elected by the Senate. The Secretary of State shall
give the board immediate written notice of any change in status of
any elective state officer who is eligible to membership in the
system.
9353.7. If it is impracticable for the board to determine from the
records the length of service, compensation, or age of any member of
this system, or if any member refuses or fails to give the board a
statement of his or her state service, compensation, or age, the
board may estimate the length of service, compensation, or age.
9353.8. If more or less than the correct amount of contribution
required of members or the State is paid, proper adjustment shall be
made in connection with subsequent payments, or such adjustments may
be made by direct cash payments between the member or the State and
the board. Adjustments to correct any other errors in payments to or
by the board may be made in the same manner.
9354. The Legislators' Retirement Fund in the State Treasury is
hereby established. All moneys received by this system pursuant to
this chapter shall be deposited in the fund, and all retirement
allowances, benefits, optional settlements, and other obligations or
payments payable by this system pursuant to this chapter shall be
paid from the fund. Costs of administration shall be paid from annual
appropriations from earnings on the fund. Notwithstanding Section
13340, all moneys in the fund are continuously appropriated without
regard to fiscal years.
9354.1. The board has the exclusive control of the administration
and investment of the fund, with the same powers and duties, and
subject to the same limitations and restrictions, that are applicable
to the administration and investment of the Public Employees'
Retirement Fund. All of the provisions of the Public Employees'
Retirement Law applicable to the administration, investment, and
custody of the Public Employees' Retirement Fund are hereby made
applicable to the Legislators' Retirement Fund, to the same extent
and with the same effect as if the Legislators' Retirement Fund were
expressly mentioned therein.
9354.2. In addition to other records and accounts, the board shall
keep such records and accounts as may be necessary to show at any
time:
(a) The total accumulated contributions of members.
(b) The accumulated contributions of the State held on account of
members, which shall include the amounts available to meet the
obligation of the State on account of benefits granted to retired
members.
9354.3. As soon as practicable after the close of each fiscal year,
the board shall file with the Governor a report of its work for such
fiscal year. Not later than March 15th next following the close of
the fiscal year, the board shall transmit a copy of such report to
each house of the Legislature and may transmit a copy to every member
and beneficiary of the system.
9354.5. The board shall keep in convenient form such data as is
necessary for the actuarial valuation of this system. As of June 30,
1973, and thereafter at the ends of periods not to exceed four years,
it shall cause to be made an actuarial investigation into the
mortality, service and compensation experience of members and persons
receiving benefits and an actuarial valuation of the assets and
liabilities of this system. From time to time it shall determine the
rate of interest being earned on the Legislators' Retirement Fund.
The board shall cause to be published, as of the date of the
investigation and valuation, a financial statement showing an
actuarial valuation of the assets and liabilities of this system and
a statement as to the accumulated cash and securities in the
Legislators' Retirement Fund as certified by the Controller.
The board shall include recommendations for financing the system
in the financial statement.
9354.6. When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the system, the board may adopt appropriate
assumptions which are necessary, upon the advice and recommendation
of the actuary.
All computations, payments, and other acts previously made or done
by the board or its officers and employees which would be valid if
this section had been in effect at the time the computations,
payments, or other acts were made or done are hereby ratified,
confirmed, and validated.
9354.7. (a) Whenever a person entitled to payment of a member's
accumulated contributions or any other benefit fails to claim the
payment or cannot be located or a warrant in payment is canceled
pursuant to Section 17070, the amount owed from the retirement fund
shall be administered in accordance with subdivision (c).
(b) Whenever the amount of a benefit payable by this system cannot
be determined because the recipient cannot be identified or
information necessary to determination of the benefit to be paid
cannot be ascertained, the accumulated contributions of the member on
whose account the benefit is payable shall be administered in
accordance with subdivision (c).
(c) Notwithstanding any provision of law to the contrary, the
amounts described in subdivisions (a) and (b) shall be held, or if a
warrant has been drawn the warrant shall be redeposited in the
retirement fund and held for the claimant without further
accumulation of interest, and the redeposit shall not operate to
reinstate the membership of the person with respect to whose
membership the refund or benefit was payable in this system. If the
proceeds, whether heretofore or hereafter redeposited, are not
claimed within four years after the date of the redeposit, they shall
revert to and become part of the fund. Transfer to the fund shall be
made as of the June 30th next following the expiration of the
four-year period.
The board may at any time after transfer of proceeds to the fund
upon receipt of proper information satisfactory to it, return the
proceeds to the credit of the claimant, to be administered in the
manner provided under this system.
9353. This system shall be administered by the Board of
Administration of the Public Employees' Retirement System. The board
shall administer this system in accordance with the provisions of the
Public Employees' Retirement Law to the same extent and with the
same effect as if those provisions are contained in the Legislator's
Retirement Law, except for those provisions which provide for the
payment of an allowance or other benefit and except for those
provisions which conflict with any provision or provisions of the
Legislators' Retirement Law.
9353.1. The board may make such rules as it deems necessary and
proper for the administration of this system.
9353.2. The board shall determine who are members of this system
and is the sole judge of the conditions under which persons may be
admitted to and continue to receive benefits under this system.
9353.3. From time to time the board shall determine the rate of
interest being earned on the Legislators' Retirement Fund, and shall
credit all contributions of members and retired members with interest
at the net earnings rate, compounded at each June 30th.
9353.4. At the end of each fiscal year the board may credit to all
contributions held in the fund at June 30th of the then current
fiscal year, such interest in excess of the current rate as it deems
proper in the light of the earnings on the fund during that fiscal
year, but not more than the difference between such earnings and the
interest credited at the current rate to contributions during that
year.
9353.5. Each member of this system shall file with the board any
information affecting his or her status as a member as the board may
require.
9353.6. The Chief Clerk of the Assembly shall give the board
immediate written notice of the change in status of any legislative
statutory officer elected by the Assembly or Member of the Assembly
resulting from induction into office, resignation, expulsion, death,
or any other circumstances terminating his or her office as Member of
the Assembly, or as a legislative statutory officer, and the
Secretary of the Senate shall give the board immediate written notice
of any change in status of any Member of the Senate or legislative
statutory officer elected by the Senate. The Secretary of State shall
give the board immediate written notice of any change in status of
any elective state officer who is eligible to membership in the
system.
9353.7. If it is impracticable for the board to determine from the
records the length of service, compensation, or age of any member of
this system, or if any member refuses or fails to give the board a
statement of his or her state service, compensation, or age, the
board may estimate the length of service, compensation, or age.
9353.8. If more or less than the correct amount of contribution
required of members or the State is paid, proper adjustment shall be
made in connection with subsequent payments, or such adjustments may
be made by direct cash payments between the member or the State and
the board. Adjustments to correct any other errors in payments to or
by the board may be made in the same manner.
9354. The Legislators' Retirement Fund in the State Treasury is
hereby established. All moneys received by this system pursuant to
this chapter shall be deposited in the fund, and all retirement
allowances, benefits, optional settlements, and other obligations or
payments payable by this system pursuant to this chapter shall be
paid from the fund. Costs of administration shall be paid from annual
appropriations from earnings on the fund. Notwithstanding Section
13340, all moneys in the fund are continuously appropriated without
regard to fiscal years.
9354.1. The board has the exclusive control of the administration
and investment of the fund, with the same powers and duties, and
subject to the same limitations and restrictions, that are applicable
to the administration and investment of the Public Employees'
Retirement Fund. All of the provisions of the Public Employees'
Retirement Law applicable to the administration, investment, and
custody of the Public Employees' Retirement Fund are hereby made
applicable to the Legislators' Retirement Fund, to the same extent
and with the same effect as if the Legislators' Retirement Fund were
expressly mentioned therein.
9354.2. In addition to other records and accounts, the board shall
keep such records and accounts as may be necessary to show at any
time:
(a) The total accumulated contributions of members.
(b) The accumulated contributions of the State held on account of
members, which shall include the amounts available to meet the
obligation of the State on account of benefits granted to retired
members.
9354.3. As soon as practicable after the close of each fiscal year,
the board shall file with the Governor a report of its work for such
fiscal year. Not later than March 15th next following the close of
the fiscal year, the board shall transmit a copy of such report to
each house of the Legislature and may transmit a copy to every member
and beneficiary of the system.
9354.5. The board shall keep in convenient form such data as is
necessary for the actuarial valuation of this system. As of June 30,
1973, and thereafter at the ends of periods not to exceed four years,
it shall cause to be made an actuarial investigation into the
mortality, service and compensation experience of members and persons
receiving benefits and an actuarial valuation of the assets and
liabilities of this system. From time to time it shall determine the
rate of interest being earned on the Legislators' Retirement Fund.
The board shall cause to be published, as of the date of the
investigation and valuation, a financial statement showing an
actuarial valuation of the assets and liabilities of this system and
a statement as to the accumulated cash and securities in the
Legislators' Retirement Fund as certified by the Controller.
The board shall include recommendations for financing the system
in the financial statement.
9354.6. When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the system, the board may adopt appropriate
assumptions which are necessary, upon the advice and recommendation
of the actuary.
All computations, payments, and other acts previously made or done
by the board or its officers and employees which would be valid if
this section had been in effect at the time the computations,
payments, or other acts were made or done are hereby ratified,
confirmed, and validated.
9354.7. (a) Whenever a person entitled to payment of a member's
accumulated contributions or any other benefit fails to claim the
payment or cannot be located or a warrant in payment is canceled
pursuant to Section 17070, the amount owed from the retirement fund
shall be administered in accordance with subdivision (c).
(b) Whenever the amount of a benefit payable by this system cannot
be determined because the recipient cannot be identified or
information necessary to determination of the benefit to be paid
cannot be ascertained, the accumulated contributions of the member on
whose account the benefit is payable shall be administered in
accordance with subdivision (c).
(c) Notwithstanding any provision of law to the contrary, the
amounts described in subdivisions (a) and (b) shall be held, or if a
warrant has been drawn the warrant shall be redeposited in the
retirement fund and held for the claimant without further
accumulation of interest, and the redeposit shall not operate to
reinstate the membership of the person with respect to whose
membership the refund or benefit was payable in this system. If the
proceeds, whether heretofore or hereafter redeposited, are not
claimed within four years after the date of the redeposit, they shall
revert to and become part of the fund. Transfer to the fund shall be
made as of the June 30th next following the expiration of the
four-year period.
The board may at any time after transfer of proceeds to the fund
upon receipt of proper information satisfactory to it, return the
proceeds to the credit of the claimant, to be administered in the
manner provided under this system.
