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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 21. THE CALIFORNIA SECURE CHOICE RETIREMENT SAVINGS TRUST ACT |
Section 100000.
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For purposes of this title, the following definitions shall apply:
(a) "Board" means the California Secure Choice Retirement Savings Investment Board.
(b) "California Secure Choice Retirement Savings Program" or "program" means a retirement savings program offered by the California Secure Choice Retirement Savings Trust.
(c) (1) "Eligible employee" means a person who is employed by an eligible employer.
(2) "Eligible employee" does not include:
(A) Any employee covered under the federal Railway Labor Act (45 U.S.C. Sec. 151), or any employee engaged in interstate commerce so as not to be subject to the legislative powers of the state, except insofar as application of this title is authorized under the United States Constitution or laws of the United States.
(B) Any employee covered by a valid collective bargaining agreement that expressly provides for a multiemployer Taft-Hartley pension plan.
(d) "Eligible employer" means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for profit or not for profit, excluding the federal government, the state, any county, any municipal corporation, or any of the state's units or instrumentalities, that has five or more employees and that satisfies the requirements to establish or participate in a payroll deposit retirement savings arrangement.
(e) "IRA" means an individual retirement account or individual retirement annuity under Section 408(a) or 408(b) of Title 26 of the United States Code.
(f) "Participating employer" means an eligible employer that provides a payroll deposit retirement savings arrangement provided for by this title for eligible employees.
(g) "Payroll deposit retirement savings arrangement" means an arrangement by which an employer allows employees to remit payroll deduction contributions to a retirement savings program.
(h) "Stated interest rate" means the rate of interest allocated to program accounts as determined by the board pursuant to subdivision (c) of Section 100008.
(i) "Trust" means the California Secure Choice Retirement Savings Trust established by this title.
(j) "Vendor" means a registered investment company or admitted life insurance company qualified to do business in California that provides retirement investment products. "Vendor" also includes a company that is registered to do business in California that provides payroll services or recordkeeping services and offers retirement plans or payroll deposit IRA arrangements using products of regulated investment companies and insurance companies qualified to do business in California. "Vendor" does not include individual registered representatives, brokers, financial planners, or agents.