b'1992 California Proposition 162, or the California Pension Protec-tion Act of 1992, was on the November 3, 1992 ballot as an initiated constitutional amendment, where it was approved. Proposition 162 made several changes to Californias consti-tution relating to public retirement systems: 1.Itgavetheboardofeachpublicpensionsystem complete authority for administration of the systems assets and for the actuarial function.2.Each board is required to continue to provide benefits tomembersofthesystemandtheirbeneficiaries, minimize employer contributions, and pay reasonable administrative costs. Proposition 162, however, specified that each board is to give highest priority to providing benefits to members and their beneficiaries.3.Prop 162 specified that the Legislature cannot change terms and conditions of board membership, for boards with elected employee members, unless a majority of the persons registered to vote in the jurisdiction of the retirement system approves the change. For example, a change in a county retirement systems board member-ship would require a countywide vote.170 LAFPP ANNUAL REPORT 2025 Gary Apodaca Photo'