Public employees' retirement: Mammoth Lakes Fire District.

Existing law, the Public Employees' Retirement Law, creates the Public Employees' Retirement System (PERS) , which provides a defined benefit to its members based on age at retirement, service credit, and final compensation. Existing law vests the Board of Administration of PERS with management and control of the system. Existing law authorizes any public agency to participate in and make all or part of its employees members of PERS, as specified. This bill would authorize the Mammoth Lakes Fire District (MLFD) to request that the board transfer, and upon that request would require the board to transfer, all or a portion of available excess assets credited to the miscellaneous member category from the MLFD's employer account to satisfy the MLFD's unfunded accrued actuarial obligations for its safety plan if the market value of assets attributable to the MLFD's miscellaneous plan exceeds 150% of the amount that is the actuarial equivalent of the amount the system would be obligated to pay after the effective date of contract termination to, or on account of, persons who are or have been employed by, and on account of service rendered by them to, the MLFD, as specified. This bill would make legislative findings and declarations as to the necessity of a special statute for the Mammoth Lakes Fire District.