County employee retirement boards.

The County Employees Retirement Law of 1937 prescribes the rights, benefits, and duties of members of the retirement systems established pursuant to its provisions. The act vests the management of these systems in retirement boards, and sets forth the membership and qualifications of the boards. Existing law authorizes the board of supervisors of any county in which the assets of the retirement system exceed $800,000,000 to, by resolution, establish a board of investments, which would be responsible for all investments of the retirement system. This bill would require a retirement board and a board of investments to adopt a policy for providing education for members of retirement boards, as specified, and would require all board members to receive a minimum of 24 hours of board member education within the first 2 years of assuming office and for every subsequent 2-year period in which the person serves on the board. The bill would require each board to maintain a record of a board member's compliance with the policy and to post the policy and an annual report on board member compliance on the retirement system's Internet Web site.