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 Program” or...
  • 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 Treasurer serving...
  • 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 the...
  • 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 have...
  • Section 100008.
      The California Secure Choice Retirement Savings Program shall include, as determined by the board, one or more payroll deduction IRA arrangements.(Amended by Stats. 2016, Ch....
  • Section 100010.
      (a) The board shall have the power and authority to do all of the following:(1) Make and enter into contracts necessary for the administration of the trust.(2) Adopt...
  • 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 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 Department...
  • 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 necessary...
  • 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 within...
  • 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 vendor...
  • 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. (SB 1234)...
  • 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 total...
  • 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 the...
  • 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 arrangement...
  • 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 Program, or...
  • 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. The state,...
  • 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 the...
  • Section 100043.
      (a) 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 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...
  • Section 100046.
      The California Secure Choice Retirement Savings Program is approved by the Legislature and implemented as of January 1, 2017. The board shall consider and utilize...
  • Section 100048.
      The board may adopt regulations to implement this title. The adoption, amendment, repeal, or readoption of a regulation authorized by this section is deemed to...
  • Section 100049.
      A payroll deposit IRA arrangement offered pursuant to the California Secure Choice Retirement Savings Program shall have the same status as, and be treated consistently...
  • Section 100050.
      Funding for startup and first-year administrative costs may be appropriated from the General Fund in the annual Budget Act. The board shall repay the amount...

Last modified: October 5, 2018