California Code, Government Code - GOV § 53219

A pension trust established pursuant to this article shall have trustees, agents or officers who shall carry on the business of the pension trust.  The by-laws or declaration of trust shall prescribe the manner in which and the officers or agents by whom the pension trust may be conducted and the manner in which its funds shall be collected and disbursed.  The funds and investments of a pension trust shall be held separately and independently of the funds and investments of the employer and of any other person.