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California Law (Last Updated: March 4, 2014) |
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Education Code - EDC |
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Title 1. GENERAL EDUCATION CODE PROVISIONS |
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Division 1. GENERAL EDUCATION CODE PROVISIONS |
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Part 13. STATE TEACHERS' RETIREMENT SYSTEM |
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Chapter 39. School Employer Retirement Investment Product Vendor Registration Process and Information Bank |
Section 25100.
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(a) The board shall establish a vendor registration process through which information about tax-deferred retirement investment products as described in Section 403(b) of the Internal Revenue Code of 1986 shall be made available for consideration by public employees of all local school districts, community college districts, county offices of education, and state employees of a state employer under the uniform state payroll system, excluding the California State University System, eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986.
(b) For the purposes of this chapter, "403(b) product or 403(b) products" means tax-deferred retirement investment products as described in Section 403(b) of the Internal Revenue Code of 1986, and its subsequent amendments, and complying with applicable California insurance laws, and federal and California securities laws and rules as applied by appropriate regulatory entities.
(c) For the purposes of this chapter:
(1) "Employer" means any local school district, community college district, or county office of education, or any state employer under the uniform state payroll system, excluding the California State University System, with employees eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986, with the Controller acting on the state employer's behalf.
(2) "Vendor" means a public retirement system, broker-dealer, registered investment company, nonbank custodian, or life insurance company qualified to do business in California that provides 403(b) products. "Vendor" does not include individual registered representatives, brokers, financial planners, or agents.
(3) "Nonbank custodian" means a fund custodian, other than a bank, that meets the criteria of a trustee specified in Section 408(a)(2) of the Internal Revenue Code.
(4) "Broker-dealer" means only those broker-dealers who offer a proprietary 403(b) product or who charge fees that are otherwise not disclosed.