Article 1. Establishment of California Public Utilities Code >> Division 10. >> Part 10. >> Chapter 5. >> Article 1.
The board may establish a retirement system for the officers
and employees of the district and provide for the payment of
annuities, pensions, retirement allowances, disability payments, and
death benefits or any of them.
The district may maintain its own retirement fund or may
provide for benefits to eligible officers and employees, or their
beneficiaries, by means of group insurance, or other insurance, or by
such means as in the opinion of the board will satisfactorily
provide an adequate and sure method of meeting the payments
contemplated by the retirement system.
Before establishing any retirement system the board shall
secure a report from a qualified actuary, which shall show the cost
of the benefits provided by the system, and the prospective assets
and liabilities of the system.
The board may adopt all ordinances and resolutions and
perform all acts necessary or convenient to the initiation,
maintenance, and administrations of the retirement system.
Nothing in this chapter prevents the district from
participation in and making all or part of its employees members of
the State Employees' Retirement System by contract entered into
between the district and the board of administration of the system
under the State Employees' Retirement Law or from participating in
the Federal Social Security Act pursuant to Part 4 (commencing with
Section 22000), Division 5, Title 2 of the Government Code, and the
district may perform all acts necessary or convenient for such
participation. Nothing in this chapter shall prevent the district
from participating in and making all of its employees members of the
Santa Cruz County Employees' Retirement System.
The board may classify and determine the officers and
employees who shall be included as members in the retirement system
and may change the classification from time to time. Membership of
all officers and employees so classified and included in the
retirement system is compulsory. The retirement system shall not
apply to members of the board.