Government Code

This section defines key terms used in the CalSavers retirement savings title. This section creates the CalSavers Retirement Savings Board and sets rules for how the board, program administrator, and staff must operate. This section creates the CalSavers Retirement Savings Trust, assigns the board to administer it, requires the board to split trust money into a program fund and an administrative fund, and gives the Treasurer and the board investment-related powers. It also caps administrative fund spending at 1% of the total program fund after six years from implementation and exempts certain securities from specified Corporations Code sections. The CalSavers Retirement Savings Program must include one or more payroll deduction IRA arrangements, as determined by the board. The board has broad authority over the trust, including contracts, investments, staff, insurance, cooperation, and rulemaking.