(a) Creation of Fund. The Water and Power Employees Retirement Fund, the Water and Power Employees Disability Fund, and the Water and Power Employees Death Benefit Fund are created.
(b) Member Contributions. All contributions of employees and the Department of Water and Power under the Plan shall be paid into the Water and Power Employees Retirement Fund. The board, as authorized in Section 1110, may segregate revenues, contributions, and expenses of the various benefit programs of the Plan including Retirement, Disability, and Death Benefits.
(c) General Obligation. The obligation to pay benefits of WPERP shall be a general obligation of the Department of Water and Power and any of its successors.