reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20129.

20129. The board shall secure and pay reasonable compensation for medical service and advice necessary to discharge its duties respecting matters involving disability or death, or both.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20130.

20130. The board may enter into an agreement with the State Compensation Insurance Fund under which the latter shall represent this system, as its agent, or the Attorney General under which the latter shall represent this system, in proceedings instituted or to be instituted before the Workers’ Compensation Appeals Board as may be referred to it by the board to determine whether the death or disability of a member is industrial. The agreed cost of this service and the expenses incidental thereto shall be paid from the retirement fund, except that there shall be no charge to this system by the Attorney General in cases involving members of this system who are employees of the General Fund state agencies.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20131.

20131. The board shall keep in convenient form data necessary for the actuarial valuation of this system.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20132.

20132. (a) Upon the basis of any investigation, valuation, or determination, or all of these, the board shall adopt mortality, service and other tables and annual and actuarial interest rates it deems necessary.
(b) A change in interest rate adopted by the board shall not apply to any election of a member to deposit or redeposit contributions, including interest, filed prior to the date the change was placed into effect.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20133.

20133. As of June 30, 1991, and thereafter at the end of periods not to exceed four years, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of members and persons receiving benefits and an actuarial valuation of the assets and liabilities of this system. From time to time, the actuary shall determine the rate of interest being earned on the retirement fund after deducting from earnings amounts applied to costs of administration of this system.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20134.

20134. The board may, in its discretion, hold a hearing for the purpose of determining any question presented to it involving any right, benefit, or obligation of a person under this part. Where a hearing is held, the proceedings shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3, and the board shall have all of the powers granted therein; except that Section 11508 shall not apply, and the hearing shall be held at the time and place determined by the board.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20135.

20135. To the extent possible, the board shall resolve conflicts between retirement systems applicable to state hospital employees transferred to county or local mental health programs as a result of state hospital closures or scheduled state hospital closures.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20136.

20136. (a) Commencing March 1, 2023, and annually thereafter, the board shall submit a report to the Legislature on the status of achieving appropriate objectives and initiatives, as defined by the board, regarding participation of emerging and diverse managers responsible for asset management within its portfolio of investments. The report shall be based on contracts that the system enters into on and after January 1, 2022.
(b) The report shall also identify and include both of the following:
(1) The name of each emerging and diverse manager providing investment portfolio or asset management services at the end of the prior fiscal year, including, but not limited to, fund of funds contracts, for all asset classes, as applicable. The board shall also report the year the emerging or diverse manager was first engaged or contracted to provide investment portfolio or asset management services.
(2) The amount managed by each emerging and diverse manager by asset class at the end of the prior fiscal year, as well as the total amount allocated by the system in the applicable asset class during the year and the total amount of the asset class in the system’s investment portfolio.
(c) The board shall define the term “emerging and diverse manager” for purposes of this section.
(d) The report required by this section shall be submitted in compliance with Section 9795.
(e) Nothing in this section shall require the board to take action unless the board determines in good faith that the action described in this section is consistent with the fiduciary responsibilities of the board as described in Section 17 of Article XVI of the California Constitution.
(f) This section shall not require the board to disclose information that is excepted from disclosure under Section 7928.710.
(g) This section shall remain in effect only until January 1, 2028, and as of that date is repealed, unless a later enacted statute that is enacted before January 1, 2028, deletes or extends that date.
(Amended by Stats. 2022, Ch. 28, Sec. 70. (SB 1380) Effective January 1, 2023. Repealed as of January 1, 2028, by its own provisions.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20138.

20138. (a) Notwithstanding any other provisions of law, the board shall provide by rule for conducting education, including, but not limited to, structured preretirement information seminars, for the benefit of all members.
(b) The board shall devise plans for, and in cooperation with appointing powers, design structured educational offerings to enhance awareness of the features, benefits, and services of this system. The educational offerings shall also include information to assist members to gain awareness of the importance of financial and estate planning and how choices and options offered by this system may impact retirement security.
(Amended by Stats. 2017, Ch. 241, Sec. 3. (SB 525) Effective January 1, 2018.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 2 - Powers and Duties of the Board › Section 20139.

20139. The board shall have the power to administer funds in the California Secure Choice Retirement Savings Trust pursuant to a contract with the California Secure Choice Retirement Savings Investment Board as provided in Title 21 (commencing with Section 100000) and to help all California workers to plan and save for retirement.
(Added by Stats. 2012, Ch. 734, Sec. 2. (SB 1234) Effective January 1, 2013.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 3 - Fiduciary Duties › Section 20150.

20150. A board member or employee of the board shall not, directly or indirectly:
(a) Have any interest in the making of any investment, or in the gains or profits accruing therefrom.
(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.
(c) Become an indorser, surety or obligor on investments by the board.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 3 - Fiduciary Duties › Section 20151.

20151. The board and its officers and employees shall discharge their duties with respect to this system solely in the interest of the participants and beneficiaries:
(a) For the exclusive purpose of both of the following:
(1) Providing benefits to members, retired members, and their survivors and beneficiaries.
(2) Defraying reasonable expenses of administering this system.
(b) Minimizing the employers’ costs of providing benefits under this part.
(c) By investing with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 3 - Fiduciary Duties › Section 20152.

20152. Notwithstanding Section 13340, there is hereby continuously appropriated, without regard to fiscal years, from the retirement fund to the board, the amount necessary to pay for any insurance obtained pursuant to Section 7511, which payments shall be made upon warrants drawn by the Controller upon demands made by the board.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 3 - Fiduciary Duties › Section 20152.5.

20152.5. No matter involving any vendor or contractor in their individual or any other capacity shall be considered during a closed session on any transaction involving the system unless, prior to the closed session, a written disclosure has been submitted by the vendor or contractor of any campaign contributions aggregating two hundred fifty dollars ($250) or more and any gifts aggregating fifty dollars ($50) or more in value that the vendor or contractor has made during the preceding calendar year to any member of the board or any officer or employee of the system. Failure to disclose the campaign contributions and gifts shall provide the basis for disqualification of the contractor or the vendor.
(Added by Stats. 1998, Ch. 923, Sec. 5. Effective January 1, 1999.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 4 - Correction of Errors and Omissions › Section 20161.

20161. Notwithstanding any other provision of this part or of Section 12438 or 16302.1 to the contrary, the following shall apply:
(a) When there has been a payment of death benefits, a return of accumulated contributions, a contribution adjustment, or a deposit of contributions, this system may refrain from collecting an underpayment of accumulated contributions if the amount to be collected is two hundred fifty dollars ($250) or less.
(b) When there has been a payment of death benefits, a return of accumulated contributions, a contribution adjustment, or a deposit of contributions, and there is a balance of fifty dollars ($50) or less remaining posted to a member’s individual account, or an overpayment of fifty dollars ($50) or less was received, this system may dispense with a return of accumulated contributions.
(c) When there is a positive or negative balance of two hundred fifty dollars ($250) or less remaining posted to a member’s individual account, or the balance exceeds two hundred fifty dollars ($250) but the difference to the monthly allowance unmodified by any optional settlement is less than five dollars ($5), this system may dispense with any recalculation of, or other adjustment to, benefit payments.
(d) The dollar amounts specified in subdivisions (a) and (c) shall be adjusted in accordance with any changes in the dollar amounts specified in Section 12438.
(Amended by Stats. 2019, Ch. 330, Sec. 3. (SB 782) Effective January 1, 2020.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 4 - Correction of Errors and Omissions › Section 20163.

20163. (a) If more or less than the correct amount of contribution required of members, the state, or any contracting agency, is paid, proper adjustment shall be made in connection with subsequent payments, or the adjustments may be made by direct cash payments between the member, state, or contracting agency concerned and the board or by adjustment of the employer’s rate of contribution. Adjustments to correct any other errors in payments to or by the board, including adjustments of contributions, with interest, that are found to be erroneous as the result of corrections of dates of birth, may be made in the same manner. Adjustments to correct overpayment of a retirement allowance may also be made by adjusting the allowance so that the retired person or the retired person and his or her beneficiary, as the case may be, will receive the actuarial equivalent of the allowance to which the member is entitled. Losses or gains resulting from error in amounts within the limits set by the Department of General Services for automatic writeoff, and losses or gains in greater amounts specifically approved for writeoff by the Department of General Services, shall be debited or credited, as the case may be, to the reserve against deficiencies in interest earned in other years, losses under investments, and other contingencies.
(b) No adjustment shall be made because less than the correct amount of normal contributions was paid by a member if the board finds that the error was not known to the member and was not the result of erroneous information provided by him or her to this system or to his or her employer. The failure to adjust shall not preclude action under Section 20160 correcting the date upon which the person became a member.
(c) The actuarial equivalent under this section shall be computed on the basis of the mortality tables and actuarial interest rate in effect under this system on December 1, 1970, for retirements effective through December 31, 1979. Commencing with retirements effective January 1, 1980, and at corresponding 10-year intervals thereafter, or more frequently at the board’s discretion, the board shall change the basis for calculating actuarial equivalents under this article to agree with the interest rate and mortality tables in effect at the commencement of each 10-year or succeeding interval.
(Amended by Stats. 2016, Ch. 31, Sec. 148. (SB 836) Effective June 27, 2016.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 4 - Correction of Errors and Omissions › Section 20164.

20164. (a) The obligations of this system to its members continue throughout their respective memberships, and the obligations of this system to and in respect to retired members continue throughout the lives of the respective retired members, and thereafter until all obligations to their respective beneficiaries under optional settlements have been discharged. The obligations of the state and contracting agencies to this system in respect to members employed by them, respectively, continue throughout the memberships of the respective members, and the obligations of the state and contracting agencies to this system in respect to retired members formerly employed by them, respectively, continue until all of the obligations of this system in respect to those retired members, respectively, have been discharged. The obligations of any member to this system continue throughout his or her membership, and thereafter until all of the obligations of this system to or in respect to him or her have been discharged.
(b) For the purposes of payments into or out of the retirement fund for adjustment of errors or omissions, whether pursuant to Section 20160, 20163, or 20532, or otherwise, the period of limitation of actions shall be three years, and shall be applied as follows:
(1) In cases where this system makes an erroneous payment to a member or beneficiary, this system’s right to collect shall expire three years from the date of payment.
(2) In cases where this system owes money to a member or beneficiary, the period of limitations shall not apply.
(c) Notwithstanding subdivision (b), in cases where payment is erroneous because of the death of the retired member or beneficiary or because of the remarriage of the beneficiary, the period of limitation shall be 10 years and shall commence with the discovery of the erroneous payment.
(d) Notwithstanding subdivision (b), where any payment has been made as a result of fraudulent reports for compensation made, or caused to be made, by a member for his or her own benefit, the period of limitation shall be 10 years and that period shall commence either from the date of payment or upon discovery of the fraudulent reporting, whichever date is later.
(e) The board shall determine the applicability of the period of limitations in any case, and its determination with respect to the running of any period of limitation shall be conclusive and binding for purposes of correcting the error or omission.
(Amended by Stats. 2009, Ch. 130, Sec. 13. (AB 966) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20170.

20170. The Public Employees’ Retirement Fund in the State Treasury is continued in existence.
The Public Employees’ Retirement Fund is a trust fund created, and administered in accordance with this part, solely for the benefit of the members and retired members of this system and their survivors and beneficiaries.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20171.

20171. The board has the exclusive control of the administration and investment of the retirement fund.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20172.

20172. Notwithstanding any other provision of law, the board may retain a bank or trust company to serve as custodian for safekeeping, delivery, securities valuation, investment performance reporting, and other services in connection with investment of the retirement fund. Notwithstanding Section 13340, all moneys in the fund are continuously appropriated, without regard to fiscal years, for payments which shall be made upon warrants drawn by the Controller upon demands made by the board. Upon demand of the board, warrants shall be drawn for the purpose of making payments by electronic fund transfers.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20173.

20173. Costs of administration of this system shall be paid from funds appropriated for interest income from the retirement fund.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20174.

20174. Interest earned on any cash deposit in a bank by the Treasurer and income on other assets constituting a part of the fund shall be credited to the fund as received. Income, of whatever nature, earned on the retirement fund during any fiscal year, in excess of the interest credited to contributions during that year shall be retained in the fund as a reserve against deficiencies in interest earned in other years, losses under investments, court-mandated costs, and actuarial losses resulting from terminations, mergers, and dissolutions of contracting agencies.
Unless specifically authorized by this part, no funds in the reserve against deficiencies shall be available for the payment of benefits. The board, however, may apply to reduce the book value of securities purchased all or part of the excess of the proceeds of the sale or the redemption prior to maturity of securities over the book value of the securities sold (a) if the purchase of securities is made with those proceeds and (b) if the terms of both securities from the date of sale, redemption prior to maturity, or purchase, as the case may be, to the respective dates of maturity do not differ by more than five years. All applications of these excess proceeds, even with greater differences in terms, heretofore made by the board are hereby validated and confirmed.
At the end of each fiscal year, the amount in the reserve against deficiencies that exceeds 0.20 percent of the total assets of this system shall be credited to other accounts as prescribed by this part.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20175.

20175. Notwithstanding any other provision of law, funds in the reserve against deficiencies shall not be used to pay any employers’ contribution required by this chapter to be paid by the state, any school employer, or any contracting agency.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20176.

20176. Notwithstanding any other provision of law, no funds in the retirement fund shall be expended for any purpose other than the cost of administration of this system, investments for the benefit of this system, the reduction of employer contributions, and the provision of benefits to the members and retired members of this system and their survivors and beneficiaries.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20177.

20177. The board shall deposit monthly in the State Treasury to the credit of the retirement fund all amounts received by it under this part.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 5 - The Retirement Fund › Section 20178.

20178. (a) The board shall credit all contributions of members in the retirement fund with interest at an interest crediting rate of 6 percent compounded at each June 30. The retired member reserves in the retirement fund shall be credited with the lesser of the current actuarial interest rate or the current annual interest rate compounded at each June 30. The interest amount that would have been credited to the member’s account on and after June 30, 1991, had the account been credited with the lesser of the current actuarial interest rate or the current annual interest rate, rather than at the 6-percent interest crediting rate, shall be credited to retired member reserves.
(b) Notwithstanding subdivision (a), the difference between the interest amount that was credited to the account of any state or school member of this system who was paid his or her accumulated contributions on or after June 30, 1991, and the lesser of the current actuarial interest rate or the current annual interest rate, shall be transferred to the state or school account, as appropriate, established by the board under Section 21337 to fund the purchasing power protection allowance for retirees, survivors, or beneficiaries of state or school employers.
(c) Notwithstanding subdivisions (a) and (b), if the current net earnings rate for state or school members exceeds the interest rate used to credit the retired member accounts of state or school employers, in addition to the amounts transferred to the separate accounts established for state and school employers under Section 21337, the remaining amounts shall be credited to employer accounts.
(d) The current annual interest rate may be lower than the current actuarial interest rate.
(Amended by Stats. 2000, Ch. 483, Sec. 1. Effective September 19, 2000. Applicable from July 1, 2000, by Sec. 4 of Ch. 483.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20190.

20190. The board has exclusive control of the investment of the retirement fund. Except as otherwise restricted by the California Constitution and by law, the board may, in its discretion, invest the assets of the fund through the purchase, holding, or sale thereof of any investment, financial instrument, or financial transaction when the investment, financial instrument, or financial transaction is prudent in the informed opinion of the board.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20191.

20191. The board may itself make any investment authorized by law or sell any security, obligation, or real property in which moneys in the retirement fund are invested, by affirmative vote of at least seven members of the board, or by the same affirmative vote may from time to time adopt an investment resolution that shall contain detailed guidelines by which to designate those securities and real property that are acceptable for purchase. While the resolution is in effect, securities and real property may be purchased for investment by an officer or employee of the board designated by it for that purpose, and sales of securities may be consummated by the officer or employee under the conditions prescribed. Purchases and sales of securities shall be reported to the board, on a monthly basis, at its next regular meeting.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20191.5.

20191.5. (a) All investment transaction decisions made during a closed session pursuant to paragraph (16) of subdivision (c) of Section 11126 shall be by rollcall vote entered into the minutes of that meeting.
(b) The board, within 12 months of the close of an investment transaction or the transfer of system assets for an investment transaction, whichever occurs first, shall disclose and report the investment at a public meeting.
(Added by Stats. 1998, Ch. 923, Sec. 7. Effective January 1, 1999.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20192.

20192. In addition to the other investments authorized by this article, the board may invest in real estate and leases thereof and improvements thereon for business or residential purposes as an investment for the production of income.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20193.

20193. The board may invest the money in the retirement fund in real property or improvements thereon or to be constructed thereon when the real property or improvements are acquired or to be made by or for sale or lease to the state or a public agency. The board may acquire the real property under Part 11 (commencing with Section 15850) of Division 3. Title to real property acquired by or on behalf of the board pursuant to this section or under Part 11 (commencing with Section 15850) of Division 3 shall be vested in the board. The Director of General Services on behalf of the state may hire or lease as lessee real property or improvements acquired pursuant to this section for lease to the state. The lease may contain an option or options to purchase the property, or a provision that title to the property shall vest in the state at the expiration of the term, and the Director of General Services is authorized to acquire the property. The board also may invest money in any valid special obligations of the state or a public agency or an agency of either issued to finance a public building and secured solely by the building or revenues, rentals or receipts received from operation of the building. This section shall not be construed as authorization to acquire any real property or improvements thereon or to issue any obligation to finance the acquisition on behalf of the state unless that acquisition is authorized by a separate act or appropriation enacted by the Legislature.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20194.5.

20194.5. In addition to the other investments authorized by this article, the board may invest in Property Assessed Clean Energy (PACE) bonds, as defined in Section 26054 of the Public Resources Code.
(Amended by Stats. 2019, Ch. 396, Sec. 9. (AB 1513) Effective January 1, 2020.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20195.

20195. (a) The board may select, purchase, or acquire in the name of the system, the fee or any lesser interest in real property, improved or unimproved, and may construct or remodel, and equip, an office building, including appropriate satellite structures, in the County of Sacramento, California, for its use and for the use of other state retirement systems excepting the State Teachers’ Retirement System, other departments, boards, and agencies of the state, or appropriate private commercial entities as space may be available from time to time. The office building and satellite structures shall conform to the Capital Master Plan if located within an area subject to the plan.
(b) The board may select, purchase, or acquire in the name of the system, the fee or any lesser interest in real property, improved or unimproved, and may construct or remodel, and equip, business recovery centers in California for use by the system as an alternate facility, emergency operations center, or data center that the board determines is appropriate for disaster preparedness.
(c) If the board acquires bare land, improvements shall be constructed according to plans approved by the State Public Works Board and Department of General Services.
(d) If the board acquires land with improvements thereon, the improvements shall be remodeled or completed in accordance with plans approved by the State Public Works Board and Department of General Services.
(e) If condemnation of the property selected is necessary, the board may elect to deposit the funds deemed necessary with the Treasurer. The funds are appropriated for purchase of the selected property subject to the Property Acquisition Law.
(f) Work on all projects shall be done under contract awarded to the lowest responsible bidder pursuant to bidding procedures set forth in Part 2 (commencing with Section 10100) of Division 2 of the Public Contract Code.
(Amended by Stats. 2009, Ch. 130, Sec. 14. (AB 966) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20196.

20196. The board may contract with the Department of General Services or any other state department for assistance and supervision in the acquisition of real property and the construction thereon of buildings and improvements authorized in this article.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20197.

20197. All buildings and improvements constructed by the board under this article may contain space in excess of the immediate requirements of the board that, until needed, may be leased by the board upon those terms and conditions as may be approved by the board.
The board may contract with the Department of General Services to handle the rentals of any excess space over and above that required by the board and to furnish general supervision and maintenance of buildings and improvements constructed under the provisions of this article.
(Amended by Stats. 2010, Ch. 639, Sec. 1. (SB 1139) Effective January 1, 2011.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20198.

20198. Any building or improvement constructed by the board under this article shall be subject to the supervision of the board in accordance with rules and regulations established by the board with the assistance of the Department of General Services.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20199.

20199. The board shall establish a building account for the transfer of money that is continuously appropriated for that purpose from the retirement fund for the cost of the acquisition of real property, the construction or remodeling of buildings and improvements thereon, the maintenance, repair, and improvement thereof, and for other necessary operational expenses.
For accounting purposes the board shall pay to the building account an amount sufficient to repay all costs for construction and maintenance of space used by the board. Other amounts or contributions received shall be deposited in the building account and disbursed as provided in this section.
The board may contract with the Department of General Services for the purchase of insurance against loss of, or damage to, the property or the loss of use or occupancy of the building, liability insurance and other insurance as is customarily carried on state office buildings. Premiums for the insurance shall be paid from the building account.
Money in the building account that is in excess of current needs shall be paid into the retirement fund monthly. The land, building, equipment, and improvements thereon, shall constitute an asset in the retirement fund and shall be carried on the books thereof as such in accordance with generally accepted accounting practices.
(Amended by Stats. 2012, Ch. 833, Sec. 3. (SB 987) Effective January 1, 2013.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20200.

20200. (a) Notwithstanding any other provision of law, the board may establish a program utilizing the retirement fund to assist system members, through financing, to obtain homes throughout the United States.
(b) For the purpose of this section, the term “member” means any person who is receiving, or is entitled to receive, a retirement allowance funded by this system, the Legislators’ Retirement System, the Judges’ Retirement System, or the Judges’ Retirement System II, notwithstanding any vesting requirement and without regard to present eligibility to retire.
(c) The board shall adopt regulations governing the program that shall, among other things, provide:
(1) That home loans be made available to members for the purchase of single-family dwellings, two-family dwellings, three-family dwellings, four-family dwellings, single-family cooperative apartments, and single-family condominiums.
(2) That private lending institutions throughout the United States shall originate and service its home loans pursuant to agreements entered into between those institutions and the board.
(3) That the recipients of the loans occupy the homes as their permanent residences in accord with rules and regulations established by the board.
(4) That its home loans shall be available only for the purchase or refinancing of homes throughout the United States and that under no condition shall a member have more than one outstanding loan.
(5) That the amount and length of the loans shall be pursuant to a schedule periodically established by the board that shall provide a loan-to-value ratio of no greater than the following:
(A) One hundred percent for the first loan for a single-family dwelling, single-family cooperative apartment, or single-family condominium.
(B) Ninety-five percent for the first loan on a two-family dwelling.
(C) Ninety percent for the first loan on a three-family dwelling or four-family dwelling.
The portion of any loan exceeding 80 percent of value shall be insured by an admitted mortgage guaranty insurer conforming to Chapter 2A (commencing with Section 12640.01) of Part 6 of Division 2 of the Insurance Code, in an amount so that the unguaranteed portion of the loan does not exceed 75 percent of the market value of the property together with improvements thereon.
(6) That there may be prepayment penalties assessed on its loans in accordance with rules and regulations established by the board.
(7) That the criteria and terms for its loans shall provide the greatest benefit to members consistent with the financial integrity of the program and the sound investment of the retirement fund.
(8) Any other terms and conditions as the board shall deem appropriate.
(d) This section shall be known as, and may be cited as, the Dave Elder Public Employees’ Retirement System Member Home Loan Program Act.
(Amended by Stats. 2003, Ch. 97, Sec. 1. Effective January 1, 2004.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20202.

20202. The board may, subject to and consistent with its fiduciary duty, establish a program utilizing the retirement fund to assist currently employed members and annuitants who are victims of a natural disaster to obtain loans from the retirement fund for the sole purpose of repairing or rebuilding their homes which have been damaged by a natural disaster. In order to qualify for a loan the home of the member or annuitant shall have been damaged by a natural disaster and the home shall have been in an area that has been declared a disaster area in a proclamation of the Governor of a state of emergency affecting the area in which the member or annuitant resides.
The board may lend any amount of money, up to and including 100 percent of the costs of repairing or rebuilding a home of a member or annuitant. However, 5 percent of the loan shall be secured by the contributions of the member who requests the loan.
The board may, under conditions it may deem prudent, require that a member or annuitant pledge other assets as collateral for a loan.
The board shall establish terms for the termination of loans made pursuant to this section upon the separation of members from service, to ensure, in the case of any default, that this system shall not suffer any loss, and to provide, as a condition of retirement, for alternative security. The board may impose other terms and conditions as the board may determine appropriate.
The Legislature hereby reserves full power and authority to change, revise, limit, expand, or repeal the loan program authorized by this section.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20203.

20203. Notwithstanding any other law, the board may enter into security loan agreements with respect to securities in which the board is authorized by law to invest subject to all of the following conditions:
(a) The borrower shall provide the board with collateral in the form of cash, United States government debt securities, debt obligations issued by United States government agencies, and United States government-sponsored enterprises, marketable public equity securities, or marketable international government bonds, provided that the amount of collateral shall be at least 102 percent of the market value of the loaned securities or an amount consistent with market practice, whichever is greater.
(b) The board shall maintain policies and procedures designed to administer the loan agreements consistent with Section 17 of Article XVI of the California Constitution.
(c) The board shall revalue the collateral to current market value on each business day or as frequently as industry practices require.
(d) The total market value of the loaned securities collateralized by marketable public equities and marketable international government bonds shall not exceed 25 percent of the assets of the retirement fund.
(Amended by Stats. 2017, Ch. 198, Sec. 1. (AB 679) Effective January 1, 2018.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20206.

20206. The board shall employ investment counsel on its staff or on a consulting basis or trust companies or trust departments of bands to render service in connection with the board’s investment program.
Whenever the board elects to contract with outside firms for investment counseling services it shall obtain proposals from all interested firms and conduct a public meeting at which a consultant or consultants shall be selected by the board. At least once in each three-year period after the prior selection, a consultant or consultants shall be obtained by the same procedure upon submission of new proposals.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20207.

20207. (a) The Legislature finds and declares that changing economic conditions and increasing complexity in the investment market make it necessary and desirable that this system obtain the best possible investment expertise.
(b) It is the intent of the Legislature that the board secure investment advisers with the composite expertise necessary for the investment of the retirement fund portfolio.
(Added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 5 - PERSONNEL › PART 3 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › CHAPTER 2 - Administration of System › ARTICLE 6 - Investments › Section 20208.

20208. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may contract with qualified investment personnel having demonstrated expertise in the management of large and diverse investment portfolios to render service in connection with the investment program of the board.
The board shall report to the Governor, the Legislature, and the Joint Legislative Budget Committee on the nature, duration, and cost of investment contract services used. The report shall be submitted annually in April.
(Repealed and added by Stats. 1995, Ch. 379, Sec. 2. Effective January 1, 1996.)