Opinion No. (2003)

BILL LOCKYER Attorney General GREGORY L. GONOT Deputy Attorney General THE HONORABLE DEDE ALPERT, MEMBER OF THE STATE SENATE, has requested an opinion on the following question: Does the board of retirement of the San Diego Transit Corporation have responsibility to administer the pension system established for the employees of the San Diego Transit Corporation? CONCLUSION The board of retirement of the San Diego Transit Corporation does not have responsibility to administer the pension system established for the employees of the San Diego Transit Corporation. ANALYSIS Section 17 of article XVI of the Constitution states: ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . "Notwithstanding any other provisions of law or this Constitution to the contrary, the retirement board of a public pension or retirement system shall have plenary authority and fiduciary responsibility for investment of moneys and administration of the system subject to all of the following: "(a) The retirement board of a public pension or retirement system shall have the sole and exclusive fiduciary responsibility over the assets of the public pension or retirement system. . . . ". . . . . . . . . . . .…