Dave Cortese
- Democratic
- Senator
- District 15
Author
(1) Existing law, the CalSavers Retirement Savings Trust Act, administered by the CalSavers Retirement Savings Board, establishes the CalSavers Retirement Savings Program and the CalSavers Retirement Savings Trust. Under existing law, the trust consists of a program fund and an administrative fund with trust moneys that are continuously appropriated and administered by the CalSavers Retirement Savings Board for the purpose of promoting greater retirement savings for California private employees. Existing law requires eligible employers to offer a payroll deposit retirement savings arrangement so that eligible employees may contribute a portion of their salary or wages to a retirement savings program account in the program, as specified. Existing law defines "eligible employer" for purposes of the act to mean a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, excluding specified federal, state, and local governmental entities, with 5 or more employees and that satisfies certain requirements to establish or participate in a payroll deposit retirement savings arrangement. This bill would expand that definition of "eligible employer" to include a person or entity, as described above, that has at least one eligible employee and that satisfies the requirements to establish or participate in a payroll deposit retirement savings arrangement, and would additionally exclude from the definition of "eligible employer" sole proprietorships, self-employed individuals, or other business entities that do not employ any individuals other than the owners of the business. By expanding eligibility under the act, the bill would remove a restriction limiting expenditure of funds and authorize the expenditure of continuously appropriated moneys for a new purpose, thereby making an appropriation. (2) Existing law authorizes an employer to choose to have a payroll deposit retirement savings arrangement to allow employee participation in the program under the terms and conditions prescribed by the board. Existing law requires eligible employers with more than 100 eligible employees and those with more than 50 eligible employees, that do not offer a retirement savings program, to have a payroll deposit retirement savings arrangement to allow employee participation in the program within 12 or 24 months, respectively, as prescribed. Existing law requires all other eligible employers that do not offer a retirement savings program, within 36 months after the board opens the program for enrollment, to have a payroll deposit retirement savings arrangement to allow employee participation in the program. This bill would instead require eligible employers with 5 or more employees and that do not offer a retirement savings program to have a payroll deposit savings arrangement to allow employee participation in the program within 36 months after the board opens the program for enrollment. By December 31, 2025, the bill would require eligible employers with one or more eligible employees and that do not provide a retirement savings program, to have a payroll deposit savings arrangement to allow employee participation in the program.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 192, Statutes of 2022.
Enrolled and presented to the Governor at 10:30 a.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 57. Noes 14. Page 5823.) Ordered to the Senate.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 11. Noes 4.) (August 3).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (June 15). Re-referred to Com. on APPR.
Coauthors revised.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 28. Noes 9. Page 3831.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
Set for hearing May 16.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 1. Page 3545.) (April 27). Re-referred to Com. on APPR.
Set for hearing April 27.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.
From printer.
Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1126 | HTML |
| 02/16/22 - Introduced | |
| 03/02/22 - Amended Senate | |
| 05/09/22 - Amended Senate | |
| 08/12/22 - Enrolled | |
| 08/26/22 - Chaptered |
| Document | Format |
|---|---|
| 04/25/22- Senate Committee on Labor, Public Employment and Retirement | |
| 05/18/22- Sen. Floor Analyses | |
| 06/13/22- Assembly Labor and Employment | |
| 08/01/22- Assembly Appropriations | |
| 08/05/22- ASSEMBLY FLOOR ANALYSIS |
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