31694. (a) The board of supervisors of a county or the governing
body of a district or other public entity may, by ordinance or
resolution and with the agreement of the board of retirement, provide
for the contribution of funds by the county, a district, or other
public entity into a Post-Employment Benefits Trust Account. The
retirement system may establish the Post-Employment Benefits Trust
Account as a part of the retirement fund. The Post-Employment
Benefits Trust Account shall be established for the sole purpose of
funding the benefits provided under a post-employment group health,
life, welfare, or other supplemental benefits plan or plans
established and maintained by the county or district, which plan or
plans may provide for self-insured coverage or the payment of all or
a portion of the premiums on one or more insurance contracts or
health care service plan contracts for retired employees of the
participating county, district, or other public entity, and their
qualified spouses, dependents and beneficiaries.
(b) Contributions to the Post-Employment Benefits Trust Account
may include the proceeds of debt issued by the county, a district, or
other public entity solely for the purpose of funding
post-employment health, life, welfare, or other supplemental
benefits.
(c) The post-employment benefits provided with the funds
contributed to the Post-Employment Benefits Trust Account are in
addition to any other benefits provided under this chapter.
(d) (1) Except as described in subdivision (b) of Section 31694.1,
the assets of the retirement fund may not be used, directly or
indirectly, to pay the cost of any benefits provided through the
Post-Employment Benefits Trust Account or, except to the extent
allowed by federal tax law, to pay any direct or indirect cost of
administering the Post-Employment Benefits Trust Fund.
(2) Except as described in subdivision (c) of Section 31694.1,
funds in the Post-Employment Benefits Trust Account may not be used,
directly or indirectly, to pay the cost of any other benefits
provided under this chapter.
31694.1. (a) The retirement system shall separately account for the
funds contributed to the Post-Employment Benefits Trust Account by
each participating employer and the earnings and expenses related to
the investment and administration of those funds.
(b) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, shall have sole, exclusive, and plenary authority
and fiduciary responsibility over the investment of the funds in the
Post-Employment Benefits Trust Account, consistent with Sections
31594 and 31595, and as provided for in Section 17 of Article XVI of
the California Constitution. The board of retirement or board of
investments may invest funds in the Post-Employment Benefits Trust
Account with those of the retirement system, to the extent allowed by
federal tax laws. The investment earnings and investment expenses
attributable to the investment activity of the Post-Employment
Benefits Trust Account shall be accounted for separately from the
investment earnings and expenses of the retirement fund.
(c) The funds in and investment earnings of the Post-Employment
Benefits Trust Account shall be used to pay the reasonable costs
related to investment expenses and administration of the
Post-Employment Benefits Trust Account to the extent allowed by
federal tax law. Those expenses shall not be deemed to be an
investment or administrative expense of a retirement system under
this chapter.
(d) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, may establish rules and procedures governing the
investments and administration of the Post-Employment Benefits Trust
Account. The board of retirement or the board of investments shall
determine the rate of interest to credit the funds in the
Post-Employment Benefits Trust Account.
(e) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, is authorized to take any and all actions necessary
to establish and administer the Post-Employment Benefits Trust
Account in compliance with applicable federal tax laws or other legal
requirements.
(f) The board of retirement, or the board of retirement acting
jointly with a board of investments in a county in which a board of
investments has been established pursuant to Section 31520.2, and a
participating employer in the Post-Employment Benefits Trust Account
shall establish, by written agreement, the respective roles and
responsibilities of the retirement system and the participating
employer with respect to the administration and investment of the
Post-Employment Benefits Trust Account, consistent with Section 17 of
Article XVI of the California Constitution. That agreement shall
include, but is not limited to, funding, distribution, expenditure,
actuarial, accounting, and reporting considerations, and any
applicable investment parameters. The board may, in its discretion,
authorize an employer to transfer assets into or out of the
Post-Employment Retirement Account, however, any transfer of assets
shall comply with the terms of the contract between the employer and
the board, satisfy requirements under applicable rules of the
Governmental Accounting Standards Board, and satisfy the requirements
of federal tax law. Once the investment parameters are established,
the board of retirement, or a board of investments in a county in
which a board of investments has been established pursuant to Section
31520.2, shall have sole control over the investment activity of the
Post-Employment Benefits Trust Account as described in subdivision
(b). Upon agreement and authorization of the board of retirement and
the governing body of a participating employer, the retirement system
may administer a post-employment health, life, welfare, or other
supplemental benefit plan sponsored by the participating employer and
funded through the Post-Employment Benefits Trust Account.
(g) In accordance with procedures established in the written
agreement described in subdivision (f), the participating employer
may elect to terminate participation in the Post-Employment Benefits
Trust and instruct the retirement system to either (1) transfer the
funds held in the Post-Employment Benefits Trust Account to a
successor trustee named by the employer, or (2) disburse the trust
assets in accordance with subdivision (i). In addition, the board of
retirement may terminate the participation of a participating
employer in the Post-Employment Benefits Trust Account if either:
(1) The board of retirement finds that the participating employer
is unable to satisfy the terms and conditions required by this
article, the rules and procedures established by the board, or the
participation agreement between the participating employer and the
board of retirement.
(2) The board of retirement elects to terminate the
Post-Employment Benefits Trust Account.
(h) If the board of retirement terminates the participation of an
employer in the Post-Employment Benefits Trust Account, as described
in paragraph (1) or (2) of subdivision (g), the funds attributable to
that employer shall remain in the Post-Employment Benefits Trust
Account, for the continued payment of post-employment benefits for
current and future participants and the costs of administration and
investment.
(i) If the board of retirement elects to terminate the
Post-Employment Benefits Trust Account, the retirement system shall
disburse the funds in Post-Employment Benefits Trust Account in the
following order and manner:
(1) The retirement system shall retain an amount sufficient to pay
for the post-employment benefits for participants in the
post-employment benefits plan or plans provided by the former
participating employer.
(2) The retirement system shall retain an amount sufficient to pay
reasonable administrative and investment costs described in this
section.
(3) After the amounts in paragraphs (1) and (2) have been retained
or disbursed, the retirement system shall pay any remaining funds to
the former participating employer or employers.
31694.2. An employer who elects to participate in the
Post-Employment Benefits Trust Account shall be required to
establish, fund, and apply distributions from the Post-Employment
Benefits Trust Account, and administer a post-employment health,
life, welfare, or other supplemental benefit plan or plans funded
through the Post-Employment Benefits Trust Account, pursuant to
applicable federal tax requirements or other legal provisions. An
employer may expressly delegate its responsibilities under this
section to the retirement system as described in subdivision (f) of
Section 31694.1, to the extent allowed by federal tax laws.
31694.3. (a) The board of supervisors of a county, or the governing
body of a district, may establish, by resolution or ordinance, its
own trust for the sole purpose of funding any post-employment
benefits provided under a group health, life, or other welfare
benefits plan or plans established and maintained by that county or
district.
(b) The board of retirement and, if applicable, the board of
investments, may, with the agreement of the county or district, act
as one or more of the following for that employer-established trust:
trustee, third-party administrator, or investment manager. The board
of retirement and, if applicable, the board of investments, may enter
a trust agreement, third-party administrative services agreement,
investment manager agreement, or other appropriate agreement with the
county or district, which shall establish the respective roles and
responsibilities of the parties with respect to the administration
and investment of the employer-established trust. That agreement
shall provide for the manner and method of payment for the reasonable
costs related to investment expenses for, and administration of, the
employer-established trust. Those expenses shall not be deemed to be
an investment or administrative expense of a retirement system under
this chapter.
(c) The county or district may contract with an entity other than
the board of retirement or board of investments to act as trustee,
third-party administrator, or investment manager for the trust.
(d) Contributions to the employer-established trust may include
the proceeds of debt issued by the county or district solely for the
purpose of funding post-employment health, life, or other welfare
benefits.
31694.4. This article shall not apply to a county, district, or
other public entity in a county of the first class as defined by
Section 28020 until the provisions of this article are funded
pursuant to the provisions of a ratified collective bargaining
agreement by that county, district, or other public entity.
31694.5. A contract entered into between a public employer and a
board of retirement or board of investments as described in Section
31694.1 shall not change the obligations of a public employer, board
of retirement, or board of investments that are created under other
contracts, laws, ordinances, regulations, or similar actions to
provide benefits for employees or retired employees of a
participating county, district, or other public entity, or their
qualified spouses, dependents, and beneficiaries.
31694. (a) The board of supervisors of a county or the governing
body of a district or other public entity may, by ordinance or
resolution and with the agreement of the board of retirement, provide
for the contribution of funds by the county, a district, or other
public entity into a Post-Employment Benefits Trust Account. The
retirement system may establish the Post-Employment Benefits Trust
Account as a part of the retirement fund. The Post-Employment
Benefits Trust Account shall be established for the sole purpose of
funding the benefits provided under a post-employment group health,
life, welfare, or other supplemental benefits plan or plans
established and maintained by the county or district, which plan or
plans may provide for self-insured coverage or the payment of all or
a portion of the premiums on one or more insurance contracts or
health care service plan contracts for retired employees of the
participating county, district, or other public entity, and their
qualified spouses, dependents and beneficiaries.
(b) Contributions to the Post-Employment Benefits Trust Account
may include the proceeds of debt issued by the county, a district, or
other public entity solely for the purpose of funding
post-employment health, life, welfare, or other supplemental
benefits.
(c) The post-employment benefits provided with the funds
contributed to the Post-Employment Benefits Trust Account are in
addition to any other benefits provided under this chapter.
(d) (1) Except as described in subdivision (b) of Section 31694.1,
the assets of the retirement fund may not be used, directly or
indirectly, to pay the cost of any benefits provided through the
Post-Employment Benefits Trust Account or, except to the extent
allowed by federal tax law, to pay any direct or indirect cost of
administering the Post-Employment Benefits Trust Fund.
(2) Except as described in subdivision (c) of Section 31694.1,
funds in the Post-Employment Benefits Trust Account may not be used,
directly or indirectly, to pay the cost of any other benefits
provided under this chapter.
31694.1. (a) The retirement system shall separately account for the
funds contributed to the Post-Employment Benefits Trust Account by
each participating employer and the earnings and expenses related to
the investment and administration of those funds.
(b) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, shall have sole, exclusive, and plenary authority
and fiduciary responsibility over the investment of the funds in the
Post-Employment Benefits Trust Account, consistent with Sections
31594 and 31595, and as provided for in Section 17 of Article XVI of
the California Constitution. The board of retirement or board of
investments may invest funds in the Post-Employment Benefits Trust
Account with those of the retirement system, to the extent allowed by
federal tax laws. The investment earnings and investment expenses
attributable to the investment activity of the Post-Employment
Benefits Trust Account shall be accounted for separately from the
investment earnings and expenses of the retirement fund.
(c) The funds in and investment earnings of the Post-Employment
Benefits Trust Account shall be used to pay the reasonable costs
related to investment expenses and administration of the
Post-Employment Benefits Trust Account to the extent allowed by
federal tax law. Those expenses shall not be deemed to be an
investment or administrative expense of a retirement system under
this chapter.
(d) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, may establish rules and procedures governing the
investments and administration of the Post-Employment Benefits Trust
Account. The board of retirement or the board of investments shall
determine the rate of interest to credit the funds in the
Post-Employment Benefits Trust Account.
(e) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, is authorized to take any and all actions necessary
to establish and administer the Post-Employment Benefits Trust
Account in compliance with applicable federal tax laws or other legal
requirements.
(f) The board of retirement, or the board of retirement acting
jointly with a board of investments in a county in which a board of
investments has been established pursuant to Section 31520.2, and a
participating employer in the Post-Employment Benefits Trust Account
shall establish, by written agreement, the respective roles and
responsibilities of the retirement system and the participating
employer with respect to the administration and investment of the
Post-Employment Benefits Trust Account, consistent with Section 17 of
Article XVI of the California Constitution. That agreement shall
include, but is not limited to, funding, distribution, expenditure,
actuarial, accounting, and reporting considerations, and any
applicable investment parameters. The board may, in its discretion,
authorize an employer to transfer assets into or out of the
Post-Employment Retirement Account, however, any transfer of assets
shall comply with the terms of the contract between the employer and
the board, satisfy requirements under applicable rules of the
Governmental Accounting Standards Board, and satisfy the requirements
of federal tax law. Once the investment parameters are established,
the board of retirement, or a board of investments in a county in
which a board of investments has been established pursuant to Section
31520.2, shall have sole control over the investment activity of the
Post-Employment Benefits Trust Account as described in subdivision
(b). Upon agreement and authorization of the board of retirement and
the governing body of a participating employer, the retirement system
may administer a post-employment health, life, welfare, or other
supplemental benefit plan sponsored by the participating employer and
funded through the Post-Employment Benefits Trust Account.
(g) In accordance with procedures established in the written
agreement described in subdivision (f), the participating employer
may elect to terminate participation in the Post-Employment Benefits
Trust and instruct the retirement system to either (1) transfer the
funds held in the Post-Employment Benefits Trust Account to a
successor trustee named by the employer, or (2) disburse the trust
assets in accordance with subdivision (i). In addition, the board of
retirement may terminate the participation of a participating
employer in the Post-Employment Benefits Trust Account if either:
(1) The board of retirement finds that the participating employer
is unable to satisfy the terms and conditions required by this
article, the rules and procedures established by the board, or the
participation agreement between the participating employer and the
board of retirement.
(2) The board of retirement elects to terminate the
Post-Employment Benefits Trust Account.
(h) If the board of retirement terminates the participation of an
employer in the Post-Employment Benefits Trust Account, as described
in paragraph (1) or (2) of subdivision (g), the funds attributable to
that employer shall remain in the Post-Employment Benefits Trust
Account, for the continued payment of post-employment benefits for
current and future participants and the costs of administration and
investment.
(i) If the board of retirement elects to terminate the
Post-Employment Benefits Trust Account, the retirement system shall
disburse the funds in Post-Employment Benefits Trust Account in the
following order and manner:
(1) The retirement system shall retain an amount sufficient to pay
for the post-employment benefits for participants in the
post-employment benefits plan or plans provided by the former
participating employer.
(2) The retirement system shall retain an amount sufficient to pay
reasonable administrative and investment costs described in this
section.
(3) After the amounts in paragraphs (1) and (2) have been retained
or disbursed, the retirement system shall pay any remaining funds to
the former participating employer or employers.
31694.2. An employer who elects to participate in the
Post-Employment Benefits Trust Account shall be required to
establish, fund, and apply distributions from the Post-Employment
Benefits Trust Account, and administer a post-employment health,
life, welfare, or other supplemental benefit plan or plans funded
through the Post-Employment Benefits Trust Account, pursuant to
applicable federal tax requirements or other legal provisions. An
employer may expressly delegate its responsibilities under this
section to the retirement system as described in subdivision (f) of
Section 31694.1, to the extent allowed by federal tax laws.
31694.3. (a) The board of supervisors of a county, or the governing
body of a district, may establish, by resolution or ordinance, its
own trust for the sole purpose of funding any post-employment
benefits provided under a group health, life, or other welfare
benefits plan or plans established and maintained by that county or
district.
(b) The board of retirement and, if applicable, the board of
investments, may, with the agreement of the county or district, act
as one or more of the following for that employer-established trust:
trustee, third-party administrator, or investment manager. The board
of retirement and, if applicable, the board of investments, may enter
a trust agreement, third-party administrative services agreement,
investment manager agreement, or other appropriate agreement with the
county or district, which shall establish the respective roles and
responsibilities of the parties with respect to the administration
and investment of the employer-established trust. That agreement
shall provide for the manner and method of payment for the reasonable
costs related to investment expenses for, and administration of, the
employer-established trust. Those expenses shall not be deemed to be
an investment or administrative expense of a retirement system under
this chapter.
(c) The county or district may contract with an entity other than
the board of retirement or board of investments to act as trustee,
third-party administrator, or investment manager for the trust.
(d) Contributions to the employer-established trust may include
the proceeds of debt issued by the county or district solely for the
purpose of funding post-employment health, life, or other welfare
benefits.
31694.4. This article shall not apply to a county, district, or
other public entity in a county of the first class as defined by
Section 28020 until the provisions of this article are funded
pursuant to the provisions of a ratified collective bargaining
agreement by that county, district, or other public entity.
31694.5. A contract entered into between a public employer and a
board of retirement or board of investments as described in Section
31694.1 shall not change the obligations of a public employer, board
of retirement, or board of investments that are created under other
contracts, laws, ordinances, regulations, or similar actions to
provide benefits for employees or retired employees of a
participating county, district, or other public entity, or their
qualified spouses, dependents, and beneficiaries.
31694. (a) The board of supervisors of a county or the governing
body of a district or other public entity may, by ordinance or
resolution and with the agreement of the board of retirement, provide
for the contribution of funds by the county, a district, or other
public entity into a Post-Employment Benefits Trust Account. The
retirement system may establish the Post-Employment Benefits Trust
Account as a part of the retirement fund. The Post-Employment
Benefits Trust Account shall be established for the sole purpose of
funding the benefits provided under a post-employment group health,
life, welfare, or other supplemental benefits plan or plans
established and maintained by the county or district, which plan or
plans may provide for self-insured coverage or the payment of all or
a portion of the premiums on one or more insurance contracts or
health care service plan contracts for retired employees of the
participating county, district, or other public entity, and their
qualified spouses, dependents and beneficiaries.
(b) Contributions to the Post-Employment Benefits Trust Account
may include the proceeds of debt issued by the county, a district, or
other public entity solely for the purpose of funding
post-employment health, life, welfare, or other supplemental
benefits.
(c) The post-employment benefits provided with the funds
contributed to the Post-Employment Benefits Trust Account are in
addition to any other benefits provided under this chapter.
(d) (1) Except as described in subdivision (b) of Section 31694.1,
the assets of the retirement fund may not be used, directly or
indirectly, to pay the cost of any benefits provided through the
Post-Employment Benefits Trust Account or, except to the extent
allowed by federal tax law, to pay any direct or indirect cost of
administering the Post-Employment Benefits Trust Fund.
(2) Except as described in subdivision (c) of Section 31694.1,
funds in the Post-Employment Benefits Trust Account may not be used,
directly or indirectly, to pay the cost of any other benefits
provided under this chapter.
31694.1. (a) The retirement system shall separately account for the
funds contributed to the Post-Employment Benefits Trust Account by
each participating employer and the earnings and expenses related to
the investment and administration of those funds.
(b) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, shall have sole, exclusive, and plenary authority
and fiduciary responsibility over the investment of the funds in the
Post-Employment Benefits Trust Account, consistent with Sections
31594 and 31595, and as provided for in Section 17 of Article XVI of
the California Constitution. The board of retirement or board of
investments may invest funds in the Post-Employment Benefits Trust
Account with those of the retirement system, to the extent allowed by
federal tax laws. The investment earnings and investment expenses
attributable to the investment activity of the Post-Employment
Benefits Trust Account shall be accounted for separately from the
investment earnings and expenses of the retirement fund.
(c) The funds in and investment earnings of the Post-Employment
Benefits Trust Account shall be used to pay the reasonable costs
related to investment expenses and administration of the
Post-Employment Benefits Trust Account to the extent allowed by
federal tax law. Those expenses shall not be deemed to be an
investment or administrative expense of a retirement system under
this chapter.
(d) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, may establish rules and procedures governing the
investments and administration of the Post-Employment Benefits Trust
Account. The board of retirement or the board of investments shall
determine the rate of interest to credit the funds in the
Post-Employment Benefits Trust Account.
(e) The board of retirement, or a board of investments in a county
in which a board of investments has been established pursuant to
Section 31520.2, is authorized to take any and all actions necessary
to establish and administer the Post-Employment Benefits Trust
Account in compliance with applicable federal tax laws or other legal
requirements.
(f) The board of retirement, or the board of retirement acting
jointly with a board of investments in a county in which a board of
investments has been established pursuant to Section 31520.2, and a
participating employer in the Post-Employment Benefits Trust Account
shall establish, by written agreement, the respective roles and
responsibilities of the retirement system and the participating
employer with respect to the administration and investment of the
Post-Employment Benefits Trust Account, consistent with Section 17 of
Article XVI of the California Constitution. That agreement shall
include, but is not limited to, funding, distribution, expenditure,
actuarial, accounting, and reporting considerations, and any
applicable investment parameters. The board may, in its discretion,
authorize an employer to transfer assets into or out of the
Post-Employment Retirement Account, however, any transfer of assets
shall comply with the terms of the contract between the employer and
the board, satisfy requirements under applicable rules of the
Governmental Accounting Standards Board, and satisfy the requirements
of federal tax law. Once the investment parameters are established,
the board of retirement, or a board of investments in a county in
which a board of investments has been established pursuant to Section
31520.2, shall have sole control over the investment activity of the
Post-Employment Benefits Trust Account as described in subdivision
(b). Upon agreement and authorization of the board of retirement and
the governing body of a participating employer, the retirement system
may administer a post-employment health, life, welfare, or other
supplemental benefit plan sponsored by the participating employer and
funded through the Post-Employment Benefits Trust Account.
(g) In accordance with procedures established in the written
agreement described in subdivision (f), the participating employer
may elect to terminate participation in the Post-Employment Benefits
Trust and instruct the retirement system to either (1) transfer the
funds held in the Post-Employment Benefits Trust Account to a
successor trustee named by the employer, or (2) disburse the trust
assets in accordance with subdivision (i). In addition, the board of
retirement may terminate the participation of a participating
employer in the Post-Employment Benefits Trust Account if either:
(1) The board of retirement finds that the participating employer
is unable to satisfy the terms and conditions required by this
article, the rules and procedures established by the board, or the
participation agreement between the participating employer and the
board of retirement.
(2) The board of retirement elects to terminate the
Post-Employment Benefits Trust Account.
(h) If the board of retirement terminates the participation of an
employer in the Post-Employment Benefits Trust Account, as described
in paragraph (1) or (2) of subdivision (g), the funds attributable to
that employer shall remain in the Post-Employment Benefits Trust
Account, for the continued payment of post-employment benefits for
current and future participants and the costs of administration and
investment.
(i) If the board of retirement elects to terminate the
Post-Employment Benefits Trust Account, the retirement system shall
disburse the funds in Post-Employment Benefits Trust Account in the
following order and manner:
(1) The retirement system shall retain an amount sufficient to pay
for the post-employment benefits for participants in the
post-employment benefits plan or plans provided by the former
participating employer.
(2) The retirement system shall retain an amount sufficient to pay
reasonable administrative and investment costs described in this
section.
(3) After the amounts in paragraphs (1) and (2) have been retained
or disbursed, the retirement system shall pay any remaining funds to
the former participating employer or employers.
31694.2. An employer who elects to participate in the
Post-Employment Benefits Trust Account shall be required to
establish, fund, and apply distributions from the Post-Employment
Benefits Trust Account, and administer a post-employment health,
life, welfare, or other supplemental benefit plan or plans funded
through the Post-Employment Benefits Trust Account, pursuant to
applicable federal tax requirements or other legal provisions. An
employer may expressly delegate its responsibilities under this
section to the retirement system as described in subdivision (f) of
Section 31694.1, to the extent allowed by federal tax laws.
31694.3. (a) The board of supervisors of a county, or the governing
body of a district, may establish, by resolution or ordinance, its
own trust for the sole purpose of funding any post-employment
benefits provided under a group health, life, or other welfare
benefits plan or plans established and maintained by that county or
district.
(b) The board of retirement and, if applicable, the board of
investments, may, with the agreement of the county or district, act
as one or more of the following for that employer-established trust:
trustee, third-party administrator, or investment manager. The board
of retirement and, if applicable, the board of investments, may enter
a trust agreement, third-party administrative services agreement,
investment manager agreement, or other appropriate agreement with the
county or district, which shall establish the respective roles and
responsibilities of the parties with respect to the administration
and investment of the employer-established trust. That agreement
shall provide for the manner and method of payment for the reasonable
costs related to investment expenses for, and administration of, the
employer-established trust. Those expenses shall not be deemed to be
an investment or administrative expense of a retirement system under
this chapter.
(c) The county or district may contract with an entity other than
the board of retirement or board of investments to act as trustee,
third-party administrator, or investment manager for the trust.
(d) Contributions to the employer-established trust may include
the proceeds of debt issued by the county or district solely for the
purpose of funding post-employment health, life, or other welfare
benefits.
31694.4. This article shall not apply to a county, district, or
other public entity in a county of the first class as defined by
Section 28020 until the provisions of this article are funded
pursuant to the provisions of a ratified collective bargaining
agreement by that county, district, or other public entity.
31694.5. A contract entered into between a public employer and a
board of retirement or board of investments as described in Section
31694.1 shall not change the obligations of a public employer, board
of retirement, or board of investments that are created under other
contracts, laws, ordinances, regulations, or similar actions to
provide benefits for employees or retired employees of a
participating county, district, or other public entity, or their
qualified spouses, dependents, and beneficiaries.
