Article 3. Retirement Board of California Public Utilities Code >> Division 10. >> Part 2. >> Chapter 5. >> Article 3.
The board 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 such fund. Investment of the fund
shall be subject to the terms, conditions, limitations, and
restrictions imposed by the laws of this State upon savings banks in
the making of investments by savings banks, and cash may be deposited
in any licensed national bank or banks in this State or in any bank,
banks, or corporations authorized or licensed to do a banking
business and organized under the laws of this State.