Section 31508 Of Article 2. Establishment Of System From California Government Code >> Division 4. >> Title 3. >> Part 3. >> Chapter 3. >> Article 2.

. The assets shall be administered solely by the board subject to the provisions of this chapter as to the custody, investment, and disbursement of the retirement fund. If there are assets of the superseded system remaining after the termination of all liabilities of the superseded system, the remaining assets shall be transferred to and become part of the retirement fund.