100008. (a) The California Secure Choice Retirement Savings Program shall include, as determined by the board, one or more payroll deposit IRA arrangements.
(b) (1) Prior to July 1 of the initial program year, and prior to the beginning of each program year thereafter, the board shall adopt a program amendment in coordination with the investment management entity or entities with respect to the program to declare the stated rate at which interest shall be allocated to program accounts for the following program year.
(2) Interest shall be allocated to program accounts and shall be computed at the stated interest rate on the balance of an individual s account and shall be compounded daily.
(c) An individual s retirement savings benefit under the program shall be an amount equal to the balance in the individual s program account on the date the retirement savings benefit becomes payable.
(Added by Stats. 2012, Ch. 734, Sec. 3. Effective January 1, 2013. Conditionally operative as provided in Section 100042.)Section: Previous 100000 100002 100004 100006 100008 100010 100012 100013 100014 100016 100018 100020 100022 100024 100026 Next
Last modified: September 9, 2016