In Traub v. Board of Retirement (1983) 34 Cal.3d 793, the California Supreme Court concluded that because the privity requirement was not shown, the board of retirement of the Los Angeles County employees retirement association was not collaterally estopped from making a finding contrary to a finding in a prior WCAB proceeding to which the County of Los Angeles was a party. ( Id. at pp. 798-799.) Traub reasoned that the retirement board was an independent entity and did not act as an agent for the county, but as an administrator of the county retirement system. ( Id. at p. 798.) It noted the constituency of the retirement board was not limited to county employees, but also included employees of other political subdivisions and districts within the county. (Ibid.) It also noted the retirement system's funding came from both employers and employees on an actuarial basis and therefore any adjudication of a claim for retirement benefits would have an economic effect on the membership of the retirement system as well as on the county and other employers. (Ibid.)