On June 25, 2018 the California Secure Choice Retirement Savings Investment Board adopted a strategic plan for fiscal years 2018-2021. The strategic plan is the formal articulation of the Board’s purpose and plan for the launch and administration of the CalSavers Retirement Savings Program. Read more about our mission, vision, and values below:
The California Secure Choice Retirement Savings Investment Board adopted regulations to implement, interpret, and make specific the rules, policies, and procedures for the CalSavers Retirement Savings Program. The regulations were adopted using the emergency rulemaking process and took effect November 19, 2018. The final text of the regulations is included below:
On March 1, 2019 the California Secure Choice Retirement Savings Investment Board issued a Notice of Proposed Rulemaking Action to adopt permanent regulations. The 45-day public comment period closed at 5:00 P.M. April 15, 2019. A public hearing on the proposed regulations was held April 15, 2019 at 915 Capitol Mall, Room 587, Sacramento, CA 95814.
Following review of the comments, the Board decided to amend the proposed regulations. The sole purpose of the amendment was to clarify the methods through which non-payroll contributions can be made. The proposed regulations have been amended to establish that such contributions can be made through either Electronic Fund Transfer or personal check. The Notice of Modifications, Addendum to the Initial Statement of Reasons, and modified text are included below.
- Notice of Modifications to Text of Proposed Regulations
- Addendum to Initial Statement of Reasons
- Modified Text of Proposed Regulations
The Board received no comments on the modification. On June 25, 2019, the Board filed the regulations with the Office of Administrative Law. The final proposed text of the regulations, final statement of reasons, and updated informative digest are included below:
The Notice of Proposed Rulemaking Action, Initial Statement of Reasons, and text of the proposed regulations from the initial notice of the regulations are included below.
- Notice of Proposed Rulemaking Action
- Initial Statement of Reasons
- Text of Proposed Regulations
- Text of Proposed Regulations (redlines w/changes from emergency regulations)
Readoption of Emergency Regulations
The California Secure Choice Retirement Savings Investment Board readopted the emergency regulations that originally took effect November 19, 2018. The first readoption extended the effectiveness of the emergency regulations until August 20, 2019. The second readoption extended the effectiveness of the regulations until November 19, 2019.
Second Readoption of Emergency Regulations
- Text of Regulations (posted July 25, 2019)
- Notice of Emergency Regulation Readoption Action (posted July 25, 2019)
- Finding of Emergency (posted July 25, 2019)