Article 1. General Provisions of California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 1. >> Article 1.

This part may be cited as the Public Employees' Retirement Law.

The purpose of this part is to effect economy and efficiency in the public service by providing a means whereby employees who become superannuated or otherwise incapacitated may, without hardship or prejudice, be replaced by more capable employees, and to that end provide a retirement system consisting of retirement compensation and death benefits.

The Public Employees' Retirement System created by Chapter 700 of the Statutes of 1931, as amended, is continued in existence under this part. This system is a unit of the Government Operations Agency.

Unless the context otherwise requires, the definitions and general provisions set forth in this chapter govern the construction of this part.

(a) It is the intent of the Legislature, in enacting this section and amending this part, to comply with, and implement the provisions of, the California Public Employees' Pension Reform Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Division 7 of Title 1) to ensure the continued ability of the board to invest the retirement fund and administer the system in conformity with its duties and responsibilities and to ensure that members are provided with the retirement and related benefits to which they are entitled pursuant to law.
  (b) To achieve the purposes set forth in subdivision (a), the board shall have all powers reasonably necessary to invest the assets associated with, and to administer and implement the provisions of, the California Public Employees' Pension Reform Act of 2013, to the extent and with the same effect as if the provisions of the act are contained in the Public Employees' Retirement Law. All laws governing the investment of the retirement fund, and the organization, procedures, and administrative duties and responsibilities of the board shall be applicable to the board in its administration of the California Public Employees' Pension Reform Act of 2013, to the extent these laws are not in conflict with, or are not inconsistent with, the act. If the board determines that there is a conflict between the provisions of the California Public Employees' Pension Reform Act of 2013 and the Public Employees' Retirement Law, the provisions of the California Public Employees' Pension Reform Act of 2013 shall control.
  (c) Nothing in this section shall be construed to amend, supersede, limit, or extend the application of the provisions of the California Public Employees' Pension Reform Act of 2013.