Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“This act is named the 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.
02
How the instrument operates
- 01
Start with the recorded version
Enacted 1943. The date shown identifies this source expression and should not be treated as proof that no later change exists.
- 02
Locate the controlling provision
Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
- 03
Read conditions and exceptions together
Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
- 04
Verify currency and official wording
Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.
03
Research entry points
Selected provisions across the instrument. Open any row to continue with the exact stored text.
Section 50550.
The legislative body may contract for maintenance, arrange for the work to be done by the local agency, hire labor, and buy needed materials and equipment, and it must ensure the maintenance is performed or furnished.
Section 50611.
The legislative body may set default events and rules for declaring bonds due before maturity, including rules for waiving the declaration and its consequences.
Section 50667.4.
An indenture may require the board to keep bond-funded improvements operating efficiently and economically.
Section 50720.
The treasurer must establish a revenue fund for the project, and project revenues must be credited to that fund and then used only for the bond debt, reserve funds, and specified project costs.
Section 50797.
04
Source and current-law status
Source record view
Source record from leginfo.legislature.ca.gov · Enacted 1943
The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.