The purpose of this article is to allow the retirement system board to establish a postemployment health benefits fund for public agencies that would enable the agencies to do all of the following:
(a)
Combine for investment the assets that the agencies set aside to provide for retiree health benefits.(b)
Take advantage of economies of scale.(c)
Use existing investment expertise to reduce the cost of funding for retiree health benefits and increase the security of public retirees and their dependents in those benefits.
Source:
Section 31699.3, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=31699.3..