(1) Existing law, the California Secure Choice Retirement Savings Trust Act, establishes the CalSavers Retirement Savings Program and the California Secure Choice Retirement Savings Trust, a trust consisting of a program fund and an administrative fund with trust moneys that are continuously appropriated and administered by the California Secure Choice Retirement Savings Investment Board. Existing law requires the Treasurer, on behalf of the board, to appoint an executive director who is not a member of the board and who serves at its pleasure. Existing law requires eligible employers to offer a payroll deposit retirement savings arrangement so that eligible employees may contribute a portion of their salary or wages to a retirement savings program account in the program, as specified. Existing law requires the board to take various actions upon implementation of the program and, for up to 3 years following its initial implementation of the program, requires the board to establish managed accounts invested in United States Treasuries, myRAs, or similar investments. Existing law states that the program is implemented as of January 1, 2017.
California AB 102 (20192020) — Retirement savings.
(1) Existing law, the California Secure Choice Retirement Savings Trust Act, establishes the CalSavers Retirement Savings Program and the California Secure Choice Retirement Savings Trust, a trust consisting of a program fund and an administrative fund with trust moneys that are continuously appropriated and administered by the California Secure Choice Retirement Savings Investment Board. Existing law requires the Treasurer, on behalf of the board, to appoint an executive director who is not a member of the board and who serves at its pleasure. Existing law requires eligible employers to offer a payroll deposit retirement savings arrangement so that eligible employees may contribute a portion of their salary or wages to a retirement savings program account in the program, as specified. Existing law requires the board to take various actions upon implementation of the program and, for up to 3 years following its initial implementation of the program, requires the board to establish managed accounts invested in United States Treasuries, myRAs, or similar investments. Existing law states that the program is implemented as of January 1, 2017.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
2019-04-08 Read second time. Ordered to third reading. reading-1, reading-2
2019-04-11 Read third time. Passed. Ordered to the Senate. (Ayes 54. Noes 13. Page 1178.) passage, reading-3, reading-1
2019-04-11 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
2019-04-24 Referred to Com. on B. & F.R. referral-committee
2019-06-10 In committee: Hearing postponed by committee.
2019-06-12 In committee: Hearing postponed by committee.
2019-06-13 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. reading-1, reading-2, amendment-passage, referral-committee, amendment-introduction
2019-06-17 In committee: Hearing postponed by committee.
2019-06-19 From committee: Do pass. (Ayes 13. Noes 2.) (June 19). committee-passage-favorable, committee-passage
2019-06-19 Ordered to third reading.
2019-06-26 Re-referred to Com. on B. & F.R. referral-committee
2020-06-22 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. reading-1, reading-2, amendment-passage, referral-committee, amendment-introduction
2020-06-24 From committee: Do pass. (Ayes 13. Noes 5.) (June 24). committee-passage-favorable, committee-passage
2020-06-24 Read second time. Ordered to third reading. reading-1, reading-2
2020-06-25 Read third time. Passed. Ordered to the Assembly. (Ayes 29. Noes 11. Page 3856.). passage, reading-3, reading-1
2020-06-25 In Assembly. Concurrence in Senate amendments pending. May be considered on or after June 27 pursuant to Assembly Rule 77.
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