Code Section Group

Public Utilities Code - PUC

DIVISION 10. TRANSIT DISTRICTS [24501 - 107025]

  ( Division 10 repealed and added by Stats. 1955, Ch. 1036. )

PART 2. SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT [28500 - 29757]

  ( Part 2 added by Stats. 1957, Ch. 1056. )

CHAPTER 5. Retirement System [28870 - 28913]

  ( Chapter 5 added by Stats. 1957, Ch. 1056. )

ARTICLE 3. Retirement Board [28910 - 28913]
  ( Article 3 added by Stats. 1957, Ch. 1056. )

28910.
  

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 members.

(Added by Stats. 1957, Ch. 1056.)

28911.
  

All members of the retirement board shall serve without pay.

(Added by Stats. 1957, Ch. 1056.)

28912.
  

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.

(Added by Stats. 1957, Ch. 1056.)

28913.
  

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.

(Added by Stats. 1957, Ch. 1056.)

PUCPublic Utilities Code - PUC3