California Government Code Title 21 - The California Secure Choice Retirement Savings Trust Act

  • Section 100000.
    For purposes of this title, the following definitions shall apply:(a) Board means the California Secure Choice Retirement Savings Investment Board.(b) California Secure Choice Retirement Savings...
  • Section 100002.
    (a) (1) There is hereby created within state government the California Secure Choice Retirement Savings Investment Board, which shall consist of nine members, with the...
  • Section 100004.
    (a) There is hereby established a retirement savings trust known as the California Secure Choice Retirement Savings Trust to be administered by the board for...
  • Section 100006.
    (a) The board may establish a segregated account within the program fund to be known as the Gain and Loss Reserve Account. The board shall...
  • Section 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...
  • Section 100010.
    (a) The board, in the capacity of trustee, shall have the power and authority to do all of the following:(1) Make and enter into contracts...
  • Section 100012.
    In addition to the powers and authority granted to the board pursuant to Section 100010, the board shall have the power and authority to do...
  • Section 100013.
    The board shall ensure that an insurance, annuity, or other funding mechanism is in place at all times that protects the value of individuals accounts....
  • Section 100014.
    (a) Prior to opening the California Secure Choice Retirement Savings Program for enrollment, the board shall design and disseminate to employers through the Employment Development...
  • Section 100016.
    (a) Prior to opening the California Secure Choice Retirement Savings Program for enrollment, if there is sufficient interest by vendors to participate and provide the...
  • Section 100018.
    Registration shall be offered to vendors once annually, and renewal of registration shall be required at least once every five years thereafter for vendors that...
  • Section 100020.
    (a) The board may remove a vendor from the registry if the vendor submits materially inaccurate information to the board, does not remit assessed fees...
  • Section 100022.
    (a) The board shall maintain the Retirement Investments Clearinghouse containing the information required in Section 100016 about the retirement investment products offered by each registered...
  • Section 100024.
    The board shall include a notice of the existence of, and the Internet Web site address for, the Retirement Investments Clearinghouse in a notice disseminated...
  • Section 100026.
    A vendor may not charge a fee associated with a registered product that is not disclosed.(Added by Stats. 2012, Ch. 734, Sec. 3. Effective January...
  • Section 100028.
    (a) The actual cost of establishing the vendor registration system and the Retirement Investments Clearinghouse shall be borne equally by registered vendors, based on the...
  • Section 100030.
    (a) The board and the program, and its officers and employees, are not responsible for, and shall not be held liable for, the adequacy of...
  • Section 100032.
    (a) After the board opens the California Secure Choice Retirement Savings Program for enrollment, any employer may choose to have a payroll deposit retirement savings...
  • Section 100034.
    (a) Employers shall not have any liability for an employee s decision to participate in, or opt out of, the California Secure Choice Retirement Savings...
  • Section 100036.
    The state shall not have any liability for the payment of the retirement savings benefit earned by program participants pursuant to this title. Any financial...
  • Section 100038.
    (a) Notwithstanding Section 10231.5, the board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of...
  • Section 100040.
    The board shall initially conduct a market analysis to determine whether the necessary conditions for implementation of this title can be met, including, but not...
  • Section 100042.
    With the exceptions of subdivision (a) of Section 100002, and Sections 100040, 100043, and 100044, the provisions of this title shall become operative only if...
  • Section 100043.
    The board shall not implement the program if the IRA arrangements offered fail to qualify for the favorable federal income tax treatment ordinarily accorded to...
  • Section 100043.5.
    The board shall not open the program for enrollment until a subsequent authorizing statute is enacted that expresses the approval of the Legislature for the...
  • Section 100044.
    This title shall be construed liberally in order to effectuate its legislative intent. The purposes of this title and all of its provisions with respect...

Last modified: September 9, 2016