50953. (a) The award system shall be administered by the board and
the board shall comply with the following requirements:
(1) The board shall maintain a plan as described in Section 457(e)
(11) of Title 26 of the United States Code.
(2) The representatives on the board shall be elected.
(3) The representatives on the board shall administer the award
system with the reasonable care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a
like capacity and familiar with the award system would use in the
conduct of an enterprise of a like character and with like aims.
(4) The representatives on the board shall be subject to the
prudent investor standard with regard to the fund.
(5) The award system shall be administered for the exclusive
purpose of providing benefits to members of the award system.
(6) The board shall select a custodian of the fund, as described
in subdivision (j) of Section 50952.
(b) Notwithstanding subdivision (a), the assets of the fund
attributable to the benefit of registered volunteers of a department
are subject to the claims of creditors of the department in the case
of the insolvency of the department. The assets of the fund that are
not attributable to the benefits of registered volunteers of an
insolvent department are not subject to the claims of the creditors
of the insolvent department.
50954. (a) The board shall adopt rules and regulations to
administer the award system, including, but not limited to, all of
the following:
(1) Eligibility requirements for a member to receive an award,
including, but not limited to, minimum age and minimum years of
certified service credit.
(2) Eligibility requirements for a member to include certified
prior service credit as certified service credit in calculating the
amount of his or her award or to qualify for an award.
(3) The amount of an award payable under this chapter and any
cost-of-living adjustments or supplemental payments based upon that
award.
(4) Eligibility requirements for membership in the award system.
(5) The maximum years of certified service credit a member may
accrue under the award system.
(6) Other rules and regulations that the board determines are
appropriate to administer this chapter.
(b) In addition to those powers and duties, the board shall
determine if participation in the award system is adequate to ensure
that sufficient funds will be available for the payment of awards on
an actuarial reserve basis before any awards are paid. If the board
determines that participation in the award system is inadequate to
assure the financial success of the system, the board may terminate
the award system pursuant to Section 50974 or may amend the award
system pursuant to the rules and regulations of the board.
50955. (a) The board shall, from time to time, determine and fix
the annual interest rate and actuarial interest rate.
(b) The board shall keep in convenient form the data necessary for
the actuarial valuation of the award system. The board shall, at
least quadrennially, cause to be made an actuarial investigation into
the mortality and service experience of members and persons
receiving awards and an actuarial valuation of the assets and
liabilities of the award system.
(c) When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the award system, the board may adopt appropriate
assumptions that, upon the advice and recommendation of the actuary,
are necessary.
50956. (a) On the basis of investigation and valuation, the board
shall adopt the mortality, service, and other tables as it deems
necessary, and shall make changes in the contributions required from
contracting departments as the board considers appropriate in order
to assure the actuarial soundness of this award system.
(b) The board shall credit all contributions of departments in the
fund with interest at the annual interest rate compounded at each
June 30.
(c) Data filed by a member or department with the board is
confidential, and no individual record shall be divulged by an
official or employee having access to that data to a person other
than the member to whom the information relates or his or her
authorized representative, or the department that employs the member.
That information shall be used by the board for the sole purpose of
carrying into effect the provisions of this chapter.
(d) Each volunteer member and department shall file with the board
the information and evidence as may be required by the board in
administration of this award system.
50957. The custodian of the fund shall be subject to the exclusive
control of the board to administer and invest the assets of the fund.
The assets in the fund shall be used to pay the costs of
administration and for the payment of awards under this chapter.
50953. (a) The award system shall be administered by the board and
the board shall comply with the following requirements:
(1) The board shall maintain a plan as described in Section 457(e)
(11) of Title 26 of the United States Code.
(2) The representatives on the board shall be elected.
(3) The representatives on the board shall administer the award
system with the reasonable care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a
like capacity and familiar with the award system would use in the
conduct of an enterprise of a like character and with like aims.
(4) The representatives on the board shall be subject to the
prudent investor standard with regard to the fund.
(5) The award system shall be administered for the exclusive
purpose of providing benefits to members of the award system.
(6) The board shall select a custodian of the fund, as described
in subdivision (j) of Section 50952.
(b) Notwithstanding subdivision (a), the assets of the fund
attributable to the benefit of registered volunteers of a department
are subject to the claims of creditors of the department in the case
of the insolvency of the department. The assets of the fund that are
not attributable to the benefits of registered volunteers of an
insolvent department are not subject to the claims of the creditors
of the insolvent department.
50954. (a) The board shall adopt rules and regulations to
administer the award system, including, but not limited to, all of
the following:
(1) Eligibility requirements for a member to receive an award,
including, but not limited to, minimum age and minimum years of
certified service credit.
(2) Eligibility requirements for a member to include certified
prior service credit as certified service credit in calculating the
amount of his or her award or to qualify for an award.
(3) The amount of an award payable under this chapter and any
cost-of-living adjustments or supplemental payments based upon that
award.
(4) Eligibility requirements for membership in the award system.
(5) The maximum years of certified service credit a member may
accrue under the award system.
(6) Other rules and regulations that the board determines are
appropriate to administer this chapter.
(b) In addition to those powers and duties, the board shall
determine if participation in the award system is adequate to ensure
that sufficient funds will be available for the payment of awards on
an actuarial reserve basis before any awards are paid. If the board
determines that participation in the award system is inadequate to
assure the financial success of the system, the board may terminate
the award system pursuant to Section 50974 or may amend the award
system pursuant to the rules and regulations of the board.
50955. (a) The board shall, from time to time, determine and fix
the annual interest rate and actuarial interest rate.
(b) The board shall keep in convenient form the data necessary for
the actuarial valuation of the award system. The board shall, at
least quadrennially, cause to be made an actuarial investigation into
the mortality and service experience of members and persons
receiving awards and an actuarial valuation of the assets and
liabilities of the award system.
(c) When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the award system, the board may adopt appropriate
assumptions that, upon the advice and recommendation of the actuary,
are necessary.
50956. (a) On the basis of investigation and valuation, the board
shall adopt the mortality, service, and other tables as it deems
necessary, and shall make changes in the contributions required from
contracting departments as the board considers appropriate in order
to assure the actuarial soundness of this award system.
(b) The board shall credit all contributions of departments in the
fund with interest at the annual interest rate compounded at each
June 30.
(c) Data filed by a member or department with the board is
confidential, and no individual record shall be divulged by an
official or employee having access to that data to a person other
than the member to whom the information relates or his or her
authorized representative, or the department that employs the member.
That information shall be used by the board for the sole purpose of
carrying into effect the provisions of this chapter.
(d) Each volunteer member and department shall file with the board
the information and evidence as may be required by the board in
administration of this award system.
50957. The custodian of the fund shall be subject to the exclusive
control of the board to administer and invest the assets of the fund.
The assets in the fund shall be used to pay the costs of
administration and for the payment of awards under this chapter.
50953. (a) The award system shall be administered by the board and
the board shall comply with the following requirements:
(1) The board shall maintain a plan as described in Section 457(e)
(11) of Title 26 of the United States Code.
(2) The representatives on the board shall be elected.
(3) The representatives on the board shall administer the award
system with the reasonable care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a
like capacity and familiar with the award system would use in the
conduct of an enterprise of a like character and with like aims.
(4) The representatives on the board shall be subject to the
prudent investor standard with regard to the fund.
(5) The award system shall be administered for the exclusive
purpose of providing benefits to members of the award system.
(6) The board shall select a custodian of the fund, as described
in subdivision (j) of Section 50952.
(b) Notwithstanding subdivision (a), the assets of the fund
attributable to the benefit of registered volunteers of a department
are subject to the claims of creditors of the department in the case
of the insolvency of the department. The assets of the fund that are
not attributable to the benefits of registered volunteers of an
insolvent department are not subject to the claims of the creditors
of the insolvent department.
50954. (a) The board shall adopt rules and regulations to
administer the award system, including, but not limited to, all of
the following:
(1) Eligibility requirements for a member to receive an award,
including, but not limited to, minimum age and minimum years of
certified service credit.
(2) Eligibility requirements for a member to include certified
prior service credit as certified service credit in calculating the
amount of his or her award or to qualify for an award.
(3) The amount of an award payable under this chapter and any
cost-of-living adjustments or supplemental payments based upon that
award.
(4) Eligibility requirements for membership in the award system.
(5) The maximum years of certified service credit a member may
accrue under the award system.
(6) Other rules and regulations that the board determines are
appropriate to administer this chapter.
(b) In addition to those powers and duties, the board shall
determine if participation in the award system is adequate to ensure
that sufficient funds will be available for the payment of awards on
an actuarial reserve basis before any awards are paid. If the board
determines that participation in the award system is inadequate to
assure the financial success of the system, the board may terminate
the award system pursuant to Section 50974 or may amend the award
system pursuant to the rules and regulations of the board.
50955. (a) The board shall, from time to time, determine and fix
the annual interest rate and actuarial interest rate.
(b) The board shall keep in convenient form the data necessary for
the actuarial valuation of the award system. The board shall, at
least quadrennially, cause to be made an actuarial investigation into
the mortality and service experience of members and persons
receiving awards and an actuarial valuation of the assets and
liabilities of the award system.
(c) When there is insufficient data upon which to establish
mortality rates or other actuarial assumptions required to evaluate
the obligations of the award system, the board may adopt appropriate
assumptions that, upon the advice and recommendation of the actuary,
are necessary.
50956. (a) On the basis of investigation and valuation, the board
shall adopt the mortality, service, and other tables as it deems
necessary, and shall make changes in the contributions required from
contracting departments as the board considers appropriate in order
to assure the actuarial soundness of this award system.
(b) The board shall credit all contributions of departments in the
fund with interest at the annual interest rate compounded at each
June 30.
(c) Data filed by a member or department with the board is
confidential, and no individual record shall be divulged by an
official or employee having access to that data to a person other
than the member to whom the information relates or his or her
authorized representative, or the department that employs the member.
That information shall be used by the board for the sole purpose of
carrying into effect the provisions of this chapter.
(d) Each volunteer member and department shall file with the board
the information and evidence as may be required by the board in
administration of this award system.
50957. The custodian of the fund shall be subject to the exclusive
control of the board to administer and invest the assets of the fund.
The assets in the fund shall be used to pay the costs of
administration and for the payment of awards under this chapter.
