TITLE 21. THE CALSAVERS RETIREMENT SAVINGS TRUST ACT [100000. - 100050.]
Heading of Title 21 amended by Stats. 2020, Ch. 21, Sec. 2.
§§ 100000–100050 · 26 sections
- § 100000 For purposes of this title, the following definitions apply: (a) “Board” means the CalSavers Retirement Savings Board. (b) “CalSavers Retirement Savings…
- § 100002 (a) (1) There is hereby created within state government the CalSavers Retirement Savings Board, which shall consist of nine members, with the Treasurer serving…
- § 100004 (a) There is hereby established a retirement savings trust known as the CalSavers Retirement Savings Trust to be administered by the board for the purpose of…
- § 100008 The CalSavers Retirement Savings Program shall include, as determined by the board, one or more payroll deduction IRA arrangements.
- § 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.…
- § 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 the following: (a)…
- § 100014 (a) The board shall design and disseminate to employers an employee information packet that shall be available in an electronic format. The packet shall…
- § 100016 (a) Prior to opening the CalSavers Retirement Savings Program for enrollment, if there is sufficient interest by vendors to participate and provide the…
- § 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…
- § 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…
- § 100022 (a) The board shall maintain the Retirement Investments Clearinghouse containing the information required in Section 100016 about the retirement investment…
- § 100024 The board shall include a notice of the existence of, and the internet website address for, the Retirement Investments Clearinghouse in a notice disseminated…
- § 100026 A vendor may not charge a fee associated with a registered product that is not disclosed.
- § 100028 (a) The actual cost of establishing the vendor registration system and the Retirement Investments Clearinghouse shall be borne equally by registered vendors,…
- § 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 information…
- § 100032 (a) Any employer may choose to have a payroll deposit retirement savings arrangement to allow employee participation in the program under the terms and…
- § 100033 (a) The CalSavers Retirement Savings Board shall have the power and duties necessary to administer the enforcement of employer compliance with this title. (b)…
- § 100034 (a) Employers shall not have any liability for an employee’s decision to participate in, or opt out of, the program, or for the investment decisions of…
- § 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, and…
- § 100038 (a) Notwithstanding Section 10231.5, the board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting…
- § 100043 (a) The board shall not operate the program if the IRA arrangements offered fail to qualify for the favorable federal income tax treatment ordinarily accorded…
- § 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 to the…
- § 100046 The CalSavers Retirement Savings Program is approved by the Legislature and implemented as of January 1, 2017. The board shall consider and utilize the…
- § 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…
- § 100049 A payroll deposit IRA arrangement offered pursuant to the CalSavers Retirement Savings Program shall have the same status as, and be treated consistently with,…
- § 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…