100000. For purposes of this title, the following definitions apply: (a) “Board” means the CalSavers Retirement Savings Board. (b) “CalSavers Retirement Savings Program” or “program” means a retirement savings program offered pursuant to the CalSavers Retirement Savings Trust Act. (c) (1) “Eligible employee” means a person who is employed by an eligible employer. (2) “Eligible employee” does not include: (A) Any […]
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 as chair, as follows: (A) The Treasurer. (B) The Director of Finance, or the director’s designee. (C) The Controller. (D) An individual with retirement savings and investment expertise appointed by the Senate Committee on Rules. (E) An […]
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 promoting greater retirement savings for California private employees in a convenient, voluntary, low-cost, and portable manner. After sufficient funds are made available for this title to be operative, the […]
100008. The CalSavers Retirement Savings Program shall include, as determined by the board, one or more payroll deduction IRA arrangements. (Amended by Stats. 2018, Ch. 37, Sec. 32. (AB 1817) Effective June 27, 2018.)
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 a seal and change and amend it from time to time. (3) Cause moneys in the program fund to be held and invested and reinvested. (4) Accept any grants, […]
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) Cause the retirement savings program or arrangements established under the program to be designed, established, and operated, in a manner consistent with all of the following: (1) In […]
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 include background information on the program and appropriate disclosures for employees. (b) The disclosure form shall include, but not be limited to, all of the following: (1) The benefits and risks associated with […]
100016. (a) Prior to opening the CalSavers Retirement Savings Program for enrollment, if there is sufficient interest by vendors to participate and provide the necessary funding, the board shall establish both of the following: (1) A Retirement Investments Clearinghouse on its Internet Web site. (2) A vendor registration process through which information about employer-sponsored retirement plans, and payroll […]
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 wish to continue to participate in the Retirement Investments Clearinghouse. The board shall provide public notice prior to the initial registration, annual registration, and registration renewal periods. (Added by […]
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 60 days, or fails to submit notice of material changes to its registered investment products. Vendors found to have submitted materially inaccurate information to the board shall be allowed […]
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 and objective comparisons of vendors and types of products. (b) The clearinghouse shall include information on investment performance based upon the investment’s average annual total return as measured by a […]
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 to eligible employers. (Amended by Stats. 2020, Ch. 21, Sec. 8. (AB 102) Effective June 29, 2020.)
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) Effective January 1, 2013.)
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 number of registered vendors. Each registered vendor shall pay a one-time establishment fee equal to a pro rata share of the establishment costs charged to vendors that register with […]
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 provided by the participating vendors and contained in the clearinghouse. The clearinghouse maintained by the board serves only to provide information supplied by the participating vendors for the […]
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 conditions prescribed by the board. (b) Within 12 months after the board opens the program for enrollment, eligible employers with more than 100 eligible employees and that do not offer a retirement […]
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) (1) The CalSavers Retirement Savings Board shall issue to each employer who fails to allow its eligible employees to participate in the CalSavers Retirement Program pursuant to this title a notice of penalty […]
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 employees whose assets are deposited in the program. (b) Employers shall not be a fiduciary, or considered to be a fiduciary, over the trust or the program. The program is […]
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 any of the funds of the state, shall have no obligation for payment of the benefits arising from this title. (Amended by Stats. 2016, Ch. 804, Sec. 11. […]
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 trust by August 1 to the Governor, the Controller, the State Auditor, and the Legislature, pursuant to Section 9795. The annual audit shall be made by an independent certified […]
