The board may contract with a third party to temporarily assume administration of the system if a catastrophic event destroys or severely damages the system’s administrative facilities or otherwise prevents or significantly hinders continued local administration of the system. Local administration of the system shall resume as soon as practicable.
The costs of contracting with the third party for temporary administration of the system shall be a charge against the investment earnings of the retirement fund.
(Added by Stats. 2004, Ch. 533, Sec. 19. Effective January 1, 2005.)
Last modified: October 25, 2018