County employees' retirement: administration: retirement board member compensation for meetings.

Existing law, the County Employees Retirement Law of 1937, authorizes counties to establish retirement systems pursuant to its provisions in order to provide pension benefits to county, city, and district employees and their beneficiaries. Existing law sets forth the membership composition for boards of retirement and boards of investment, as specified. Existing law authorizes the board of supervisors for counties for which these provisions apply to provide that certain members of these boards shall receive compensation at a rate of not more than $100 for a meeting or for a meeting of a committee authorized by the entire board.

This bill would authorize the board of supervisors to adopt a provision that would authorize the board of retirement to increase the above-described compensation limit by an amount not to exceed 5% of the rate for each calendar year following the operative date of the last adjustment.