BILL NUMBER: AB 937	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Wieckowski

                        FEBRUARY 22, 2013

   An act to amend Section 100004 of the Government Code, relating to
retirement savings.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 937, as introduced, Wieckowski. The California Secure Choice
Retirement Savings Trust.
   Existing law, contingent upon the receipt of sufficient funds to
make the program operative, creates the California Secure Choice
Retirement Savings Trust for the purpose of promoting greater
retirement savings for California private employees in a convenient,
voluntary, low-cost, and portable manner.
   This bill would make technical, nonsubstantive changes to these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 100004 of the Government Code is amended to
read:
   100004.  (a) There is hereby established a retirement savings
trust known as the California Secure Choice 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 pursuant to Section
100042, the California Secure Choice Retirement Savings Trust, as a
self-sustaining trust, shall pay all costs of administration 
only  out of moneys on deposit  therein 
 in the trust  .
   (b) The board shall segregate moneys received by the California
Secure Choice Retirement Savings 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 Administration of the Public
Employees' Retirement System or private money managers, or both, as
determined by the board.
   (d) Transfers may be made from the program fund to the
administrative fund for the purpose of paying operating costs
associated with administering the trust and as required by this
title. On an annual basis, expenditures from the administrative fund
shall not exceed more than 1 percent of the total program fund. All
costs of administration of the trust shall be paid out of the
administrative fund. Operating costs associated with administering
the trust do not include the procurement of private underwriting for
the retirement savings' return.
   (e) Any contributions paid by employees and employers into the
trust shall be used exclusively for the purpose of paying benefits to
the participants of the California Secure Choice Retirement Savings
Program, for the cost of administration of the program, and for
investments made for the benefit of the program.