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(a) Applicability. Except as provided in this section, the provisions regarding general managers contained in Article V shall apply to the general managers of the pension and retirement systems of the City.
(b) Appointing Authority. The Board of Fire and Police Pension Commissioners and the Board of Administration of the Los Angeles City Employees’ Retirement System shall appoint their respective general manager subject to confirmation by the Mayor and Council and shall remove their respective general manager subject to confirmation by the Mayor. A general manager removed pursuant to the provisions of this section may appeal the removal to the Council in the manner provided in Section 508(e).
(c) Annual Review. The Board of Fire and Police Pension Commissioners and the Board of Administration for the Los Angeles City Employees’ Retirement System shall evaluate their respective general manager at least annually and shall set or adjust the compensation of the general manager with guidelines established by Council. Each board shall forward a copy of its performance evaluation and salary determination to the Mayor and Council.
(d) Temporary Appointments. If a vacancy arises in the position of general manager, until the vacancy is filled, the board may appoint a temporary general manager for six months, which period may be extended with the consent of the Mayor and Council for an additional six months.
SECTION HISTORY
Amended by: Subsec. (d) added, Charter Amendment HH, approved November 5, 2024, effective January 8, 2025.
(a) Special Funds. Each pension and retirement board shall have a special trust fund or funds on deposit with the Treasurer for the purpose of segregating its revenues from the other money of the City.
(b) Control of Special Funds. The board of each pension and retirement system shall have control over their respective funds. Transfers or expenditures shall be drawn upon funds only upon demands signed by the chief accounting employee of the board. All payments from the funds shall be made upon demands prepared and approved in accordance with the provisions of the Charter.
(c) Master Trustee or Custodian. Each pension and retirement board, in its sole discretion, may designate one or more master trustees or custodians to hold securities and funds of the system for the purpose of carrying out the investment policies and decisions of the board.
(d) Fund Earnings. The money in any pension or retirement system fund shall be invested at the sole and exclusive direction of the respective board and all earnings shall be credited to the respective funds by the Treasurer or the Master Trustee or Custodian designated by the respective board.
(a) Conduct of Audit. The Mayor, Council, and Controller at least once in every five years, shall jointly require a management audit to be made of the business and property of each of the pension and retirement systems by an independent qualified management auditing firm. Each audit shall examine whether the pension or retirement system is operating in the most efficient and economical manner and shall evaluate the asset allocation of the system. The firm employed to conduct the audit shall be selected by the Mayor, Council and Controller.
(b) Audit Results. A copy of the report of each audit shall be transmitted to the Mayor, Council and the board of the audited pension or retirement system. Upon receipt of the audit, Council may request that some or all of the audit recommendations be implemented by a board, but the board shall retain sole and exclusive authority over administration of its system and assets to the extent provided in Article XVI, Section 17 of the California Constitution.
The right of Council to veto board decisions provided in Section 245 shall not apply to decisions of the City’s pension and retirement boards.
Any officer or employee who, while on Military Leave as defined in Section 1023 of the civil service provisions of the Charter, is or becomes entitled to retire on pension or is or becomes entitled to any benefits under any provision of this Article, may exercise such rights or claim such benefits while on Military Leave.
(a) Real Estate Held in Board Name. Notwithstanding the provisions of Sections 105 and 385 of the Charter, title to any real property or interest in real property shall be held in the name of the applicable board and any real property or interests owned by a board may be sold, leased, or encumbered by the board.
(b) Board Names for Real Estate Purposes. The pension and retirement boards shall hold real property in the following names:
Board of Fire and Police Pension Commissioners of the City of Los Angeles
Board of Administration of the Los Angeles City Employees’ Retirement System
Board of Administration of the Water and Power Employees’ Retirement Plan of the City of Los Angeles
(c) Voting Procedure for Real Estate Investments. Any purchase of real property by a pension or retirement board shall require approval by a majority vote of all its members but one of the affirmative votes must be cast by an elected employee member of the board.
Section
1150 Los Angeles City Employees’ Retirement System (LACERS).
1152 Definitions.
1154 Retirement Fund.
1156 Transfer of Released Liability for Transferred Employees.
1158 Actuarial Standards.
1160 Budget.
1162 Contribution of Members.
1164 Employment by the City of a Retired Member of the System.
1166 Authority to Administer Other Retirement Plans.
1168 Establishment of Benefits by Ordinance.
1170 Benefits Not Assignable.
There is hereby created, established and adopted a retirement system for all officers and employees of the City of Los Angeles not now included within any other pension or retirement system under the provisions of this Article. The benefits of the System’s Plan shall be adopted by ordinance in accordance with Section 1168 of this Part 1 and shall be set forth in the City Administrative Code.
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