summary
Introduced
12/03/2018
12/03/2018
In Committee
06/24/2020
06/24/2020
Crossed Over
04/11/2019
04/11/2019
Passed
06/26/2020
06/26/2020
Dead
Signed/Enacted/Adopted
06/29/2020
06/29/2020
Introduced Session
2019-2020 Regular Session
Bill Summary
An act to add Section 26163 to the Business and Professions Code, to amend Sections 100000, 100002, 100004, 100010, 100014, 100024, 100028, 100032, 100034, 100038, and 100043 of, to amend the heading of Title 21 (commencing with Section 100000) of, and to add Section 100033 to, the Government Code, to add Section 19567 to, and to add Article 6 (commencing with Section 19285) to Chapter 5 of Part 10.2 of Division 2 of, the Revenue and Taxation Code, and to amend Section 1095 of, and to repeal Section 1088.9 of, the Unemployment Insurance Code, relating to retirement savings, and making an appropriation therefor, to take effect immediately, bill related to the budget.
AI Summary
This bill makes several changes to the California Secure Choice Retirement Savings Trust Act, which established the CalSavers Retirement Savings Program. Key provisions include:
- Renaming the act and the administering board to the CalSavers Retirement Savings Trust Act and CalSavers Retirement Savings Board, respectively.
- Eliminating the requirement for the board to establish managed accounts invested in certain federal retirement savings products.
- Authorizing the board to delegate rulemaking authority to its executive director.
- Allowing employees to opt out of the program by telephone and removing a provision related to contribution amounts based on length of participation.
- Granting the board the power to administer enforcement of employer compliance, including the ability to impose penalties on non-compliant employers, which can be collected by the Franchise Tax Board.
- Requiring certain state licensing authorities to provide employer information to the CalSavers Retirement Savings Board upon request.
- Authorizing the Franchise Tax Board to disclose information to the CalSavers Retirement Savings Board to facilitate collection of penalties and appeals.
- Repealing provisions that gave the Employment Development Department the power to enforce employer compliance with the program.
The bill also makes an appropriation by authorizing amounts collected by the Franchise Tax Board to be deposited into the continuously appropriated CalSavers Retirement Savings Trust.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Budget (Assembly)
Last Action
Chaptered by Secretary of State - Chapter 21, Statutes of 2020. (on 06/29/2020)
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201920200AB102 |
| Bill | http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB102 |
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