Governance & Policies
The CERL, also known as the “1937 Act,” provides a legal framework for the administration of the KCERA Plan. The CERL is found in Government Code Sections 31450 to 31899.10.
PEPRA, formerly known as AB 340, and its companion bill AB 197 became effective on January 1, 2013. The pension reform law primarily affects newly hired employees who become KCERA members on or after that date. Click here to learn more about PEPRA.
The day-to-day administration of KCERA and certain Board of Retirement matters are handled according to rules and procedures approved by the Board of Retirement and the Kern County Board of Supervisors. These rules and procedures are contained in the Kern County Employees’ Retirement Association Board of Retirement CERL Regulations.
The Board of Retirement adopted an Investment Policy Statement to serve as a framework for investment policy-making and objective-setting. The guidelines outlined in the document provide the Board with sufficient flexibility to capture investment opportunities while ensuring prudence in the overall investment program.
The Board of Retirement adopted a Hedge Fund Investment Policy to provide written objectives for its hedge fund program in addition to criteria by which to identify and select hedge funds and hedge fund managers.
Persons holding positions on the Board of Retirement or KCERA’s management staff who participate in decision-making that could have a material effect on their economic interests must file a statement of their economic interests every year. Such statements are available for public inspection and reproduction.
Effective January 1, 2013, members of the Board of Retirement are required by Government Code Section 31522.8 to receive a minimum of 24 hours of trustee education within the first two years of assuming office and for every subsequent two-year period the trustee continues to be a Board member.
KCERA is required to maintain a record of Board member compliance with the policy. An annual report of trustees’ compliance as of December 31, 2018 can be viewed by clicking here.
This policy provides guidance to KCERA management for evaluating the performance of its professional service providers, including the plan actuary, financial auditor, investment consultant and custodial bank.
This policy sets the objectives and policies required for the Board to ensure the adequate funding of the future retirement benefits of KCERA members and their beneficiaries.