California Government Code

§ 100004

GOV § 100004 Effective Jun 29, 2020Title 21

Statute text

(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 trust, as a self-sustaining trust, shall pay all costs of administration only out of moneys on deposit therein.

(b)The board shall segregate moneys received by the trust into two funds, which shall be identified as the program fund and the administrative fund. Notwithstanding Section 13340, moneys in the trust are hereby continuously appropriated, without regard to fiscal years, to the board for the purposes of this title.

(c)Moneys in the program fund may be invested or reinvested by the Treasurer or may be invested in whole or in part under contract with the board of a California public retirement system, with private money managers, or in myRAs, or a combination thereof, as determined by the board.

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Legislative history

Amended by Stats. 2020, Ch. 21, Sec. 5. (AB 102) Effective June 29, 2020.