Article 3. Retirement Board of California Public Utilities Code >> Division 10. >> Part 1. >> Chapter 5. >> Article 3.
The board, upon establishing a retirement system pursuant to
this chapter, shall create a retirement board of not more than five
members, at least two members of which shall be the elected
representatives of the employees, to administer the retirement
system, and shall define its powers and duties and the tenure of the
All members of the retirement board shall serve without pay.
The retirement board shall determine the eligibility of
officers, employees, and their dependents to participation in the
system and shall be the sole authority and judge under such
ordinances as may be adopted by the board as to the conditions under
which persons may be admitted to and continue to receive benefits of
any sort under the retirement system, and may modify allowances for
service and disability. The determination of the retirement board
shall be final and conclusive and shall not be modified or set aside
except for fraud or abuse of discretion.
If the district maintains its own retirement fund, the
retirement board shall have exclusive control of the administration,
investment, and disbursement of the retirement fund. The retirement
fund is a trust fund held for the exclusive purposes of providing
benefits to members of the retirement system and their survivors and
beneficiaries. Investment of the fund is subject to the care, skill,
prudence, and diligence under the circumstances then prevailing that
a prudent person acting in a like capacity and familiar with these
matters would use in the conduct of an enterprise of a like character
and with like aims.