CHAPTER 39. School Employer Retirement Investment Product Vendor Registration Process and Information Bank [25100. - 25115.]
Chapter 39 added by Stats. 2002, Ch. 1095, Sec. 2.
§§ 25100–25115 · 16 sections
- § 25100 (a) The board shall establish a vendor registration process through which information about tax-deferred retirement investment products as described in Section…
- § 25101 A prospective vendor of 403(b) products that offers those products, or the products of other 403(b) vendors, to employers and their eligible employees, shall…
- § 25102 Registration shall be offered to vendors once annually, and renewal of registration shall be required at least once every five years thereafter for vendors…
- § 25103 (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…
- § 25104 (a) The board shall maintain an impartial investment information bank, via an Internet Web site, containing the information required by Section 25101 about the…
- § 25105 The board shall include notice of the existence of, and the Internet Web site address for, the impartial investment information bank in each newsletter sent to…
- § 25106 The board shall design the information bank Internet Web site and include retirement investment product plan information and education materials taken from and…
- § 25107 A vendor may not charge a fee associated with a registered 403(b) product that is not disclosed, pursuant to Section 25101.
- § 25108 (a) The actual cost of establishing the vendor registration system and the investment information bank shall be borne equally by registered vendors, based on…
- § 25109 (a) The board and the system, and its officers and employees, are not responsible for, and may not be held liable for the adequacy of the information provided…
- § 25110 The board shall complete the initial registration process on or before July 1, 2004.
- § 25111 Each employer, in consultation with the exclusive bargaining agent of its employees, if any, may develop a process to ensure that employees are aware of, and…
- § 25112 Personnel, including elected school officials, acting on behalf of an employer, may not receive consideration from a vendor in exchange for the promotion of a…
- § 25113 An employer may not forward annuity or custodial account consideration to the vendor of any unregistered 403(b) product, except insofar as an employee…
- § 25114 Except as provided in this section, an employee shall select from registered 403(b) products. (a) An employee of a local school district, community college…
- § 25115 For purposes of restricting the use of 403(b) investment products provided to eligible employees of employers by those vendors and investment products…