Public Utilities Code section 25364

If the district maintains its own retirement fund, the retirement board shall have exclusive control of the administration, investment, and disbursement of the retirement fund. The retirement fund is a trust fund held for the exclusive purposes of providing benefits to members of the retirement system and their survivors and beneficiaries. Investment of the fund is subject to the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character and with like aims.

Source: Section 25364, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PUC§ionNum=25364. (updated Jul. 17, 1990; accessed Sep. 1, 2025).

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Sep. 1, 2025

§ 25364's source at ca.gov

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Location: https://california.public.law/codes/public_utilities_code_section_25364

Original Source: Section 25364, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PUC§ionNum=25364. (last accessed May 12, 2025).