AB 551

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Teachers' Retirement System: individual retirement plans: administration.

Abstract

Existing law authorizes the State Teachers' Retirement System to administer an individual retirement plan described in Section 408A of Title 26 of the United States Code, commonly referred to as a Roth IRA, for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system to the extent the rollover complies with specified federal law. Existing law establishes the Teachers' Deferred Compensation Fund, which is continuously appropriated, to serve as the repository of funds received by the system for various deferred compensation plans. Existing law specifies where in the fund certain premium and fee revenues received by the system are to be deposited. This bill would also authorize the system to administer an individual retirement plan as described in Section 408 of Title 26 of the United States Code. The bill would eliminate the requirement that the administration of these plans be for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system, as described above. The bill would instead specify categories of people for whom the system could provide this service, including certain former eligible employees and their spouses. By providing for additional funds to be deposited into a continuously appropriated fund, this bill would make an appropriation. The bill would make a conforming change regarding where premium and fee revenues received in this regard are to be deposited.

Bill Sponsors (2)

Votes


Actions


May 06, 2021

Assembly

Read second time. Ordered to third reading.

May 05, 2021

Assembly

From committee: Do pass. (Ayes 12. Noes 4.) (May 5).

Apr 26, 2021

Assembly

In committee: Set, first hearing. Hearing canceled at the request of author.

Apr 19, 2021

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 2.) (April 15). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Feb 18, 2021

Assembly

Referred to Com. on P.E. & R.

  • Referral-Committee
Com. on P.E. & R.

Feb 11, 2021

Assembly

From printer. May be heard in committee March 13.

Feb 10, 2021

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB551 HTML
02/10/21 - Introduced PDF

Related Documents

Document Format
No related documents.

Sources

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