California Government Code

§ 100043

GOV § 100043 Effective Jun 29, 2020Title 21

Statute text

(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 to IRAs under the Internal Revenue Code, or if it is determined that the program is an employee benefit plan under the federal Employee Retirement Income Security Act.

(b)(1) Prior to opening the program for enrollment, the board shall report to the Governor and Legislature the specific date on which the program will start to enroll program participants and that the following prerequisites and requirements for the program have been met:

(A)The program is structured in a manner to keep the program from being classified as an employee benefit plan subject to the federal Employee Retirement Income Security Act.

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Legislative history

Amended by Stats. 2020, Ch. 21, Sec. 14. (AB 102) Effective June 29, 2020.