The Employees Retirement System was established on June 1, 1939, under Charter Section 910 and is governed by Article 505 of Chapter 3 of the City of Fresno Municipal Code. The System provides retirement allowances and other benefits to the non-safety members employed by the City of Fresno. The System also provides lifetime retirement, disability, and death benefits to its members. The Retirement Board is responsible for the prudent investment of member and employer contributions, and defraying reasonable expenses of administration.
The Employees Retirement Board is responsible for establishing policies governing the administration of the retirement plan, making benefit determinations, and managing the investment of the System’s assets. The Board operates under the authority vested in Article 505 of Chapter 3 of the Fresno Municipal Code and the California Pension Protection Act of 1992. Article XVI, Section 17(b) of the Constitution of the State of California provides that “the members of the Retirement Board of a public retirement system shall discharge their duties ... solely in the interest of, and for the exclusive purpose of providing benefits to, participants and their beneficiaries, minimizing employer contributions thereto, and defraying reasonable expenses of administering the System. A Retirement Board’s duty to its participants and their beneficiaries shall take precedence over any other duty.” Section 17(a) further provides that the Board has ... “the sole and exclusive responsibility to administer the System in a manner that will assure prompt delivery of benefits and related services to the participants and their beneficiaries.”
The Board oversees the Retirement Administrator and staff in the performance of their duties in accordance with the Municipal Code and the Boards’ Rules, Regulations and Policies.