San Luis Obispo County Municipal Code Ch. 2.56 Pension Trust

There is established in the county, a pension trust, to be known as the "San Luis Obispo County Pension Trust," for the benefit of the officers and employees of the county.

(Ord. 1317 § 1, 1973: Ord. 959 § 1 (part), 1968: Ord. 942 § 1 (part), 1967: prior code § 2-036.2)

The board of supervisors of the county is empowered to pay from funds under its jurisdiction to the trust, amounts equaling all or any portion of the amount, actuarially determined, necessary to fund the retirement plan.

(Ord. 959 § 1 (part), 1968: Ord. 942 § 1 (part), 1967: prior code § 2-036.3)

The board of supervisors of the county is empowered to pay from funds under its jurisdiction reasonable expenses for the administration of the trust.

(Ord. 959 § 1 (part), 1968: Ord. 942 § 1 (part), 1967: prior code § 2-036.4)

The San Luis Obispo County Pension Trust shall be administered and managed by a board of seven trustees, consisting of one permanent, three appointive and three elective members. The county treasurer shall be a permanent member by virtue of his position. The appointive members shall be appointed by the board of supervisors and shall serve at the pleasure of the board of supervisors. The officers of the county (as enumerated in California Government Code Section 24000) other than the county treasurer shall each be eligible to serve as appointive members during their terms of office, if appointed as a trustee by the board of supervisors. However, nothing herein requires the board of supervisors to appoint any of said officers as appointive members. The elective members shall be elected by the employees under rules established by the board of supervisors. Each elective member shall serve for a term of three years, and until his successor is elected and qualified. The terms of office of the first members so elected shall be one, two, and three years, respectively. These members shall determine by lot the relative order of the expiration of their terms. Thereafter, there shall be an annual election to fill the vacancy of the elective member whose office term expires that year.

In the event any elective member, for any reason except in the case of a recall, is unable to continue to complete his term of office, the remaining elective members shall designate the successor to complete the unexpired term of such trustee. Vacancies occurring in the board of pension trust trustees appointive membership shall be filled by appointment by the board of supervisors.

An appointive member may be removed during his tenure in office by the appointing power at any time. An elective member may be removed by recall election under rules set up by the board of supervisors. The trustees shall elect one member as chairman.

(Ord. 3156 § 1, 2008: Ord. 1127 § 1, 1970: Ord. 959 § 1 (part), 1968: Ord. 942 § 1 (part), 1967: prior code § 2-036.5)

The board of supervisors shall adopt by-laws for the county pension trust, which shall prescribe the manner in which the trustees thereof shall conduct the same, and the manner in which its funds shall be collected and disbursed.

(Prior code § 2-036.6)

The funds and investments of the county pension trust shall be held separately and independently of the funds and investments of the county and of every other person.

(Prior code § 2-036.7)

Pursuant to the authority of California Government Code Section 53216.2, the County of San Luis Obispo is authorized to contract with the courts within the county, and with other local agencies within the county, to permit the officers and employees of those courts and local agencies to participate in the San Luis Obispo County Pension Trust and the San Luis Obispo County Employees Retirement Plan. Each such contract shall provide, among other things: (a) that all costs, including administrative expenses, attendant to the participation of the court or the local agency in the pension trust and the retirement plan shall be borne by the contracting court or local agency and not by the county or the pension trust or the retirement plan; and, (b) that the board of trustees of the pension trust shall administer, construe and apply the provisions of such contract in accordance with, and subject to, the by-laws of the pension trust; and, (c) whether the participation in the San Luis Obispo County Retirement Plan is optional or compulsory for the officers and employees of the court or local agency.

(Ord. 2956 § 1, 2001: Ord. 614 § 1, 1962: prior code § 2-036.8)