SB 1126

  • California Senate Bill
  • 2021-2022 Regular Session
  • Introduced in Senate Feb 16, 2022
  • Passed Senate May 23, 2022
  • Passed Assembly Aug 11, 2022
  • Signed by Governor Aug 26, 2022

CalSavers: retirement savings.

Abstract

(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.

Bill Sponsors (4)

Votes


Actions


Aug 26, 2022

California State Legislature

Approved by the Governor.

California State Legislature

Chaptered by Secretary of State. Chapter 192, Statutes of 2022.

Aug 17, 2022

California State Legislature

Enrolled and presented to the Governor at 10:30 a.m.

Aug 11, 2022

Senate

In Senate. Ordered to engrossing and enrolling.

Assembly

Read third time. Passed. Ordered to the Senate.

Aug 04, 2022

Assembly

Read second time. Ordered to third reading.

Aug 03, 2022

Assembly

From committee: Do pass. (Ayes 11. Noes 4.) (August 3).

Jun 15, 2022

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (June 15). Re-referred to Com. on APPR.

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

Jun 08, 2022

Assembly

Coauthors revised.

May 27, 2022

Assembly

Referred to Com. on L. & E.

  • Referral-Committee
Com. on L. & E.

May 24, 2022

Assembly

In Assembly. Read first time. Held at Desk.

May 23, 2022

Senate

Read third time. Passed. (Ayes 28. Noes 9. Page 3831.) Ordered to the Assembly.

May 17, 2022

Senate

Read second time. Ordered to third reading.

May 16, 2022

Senate

From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

May 09, 2022

Senate

From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Committee-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

May 06, 2022

Senate

Set for hearing May 16.

Apr 27, 2022

Senate

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.

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

Apr 14, 2022

Senate

Set for hearing April 27.

Mar 02, 2022

Senate

From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.

  • Amendment-Passage
  • Committee-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on L., P.E. & R.

Feb 23, 2022

Senate

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

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

Feb 17, 2022

Senate

From printer.

Feb 16, 2022

Senate

Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.

Senate

Introduced. Read first time. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB1126 HTML
02/16/22 - Introduced PDF
03/02/22 - Amended Senate PDF
05/09/22 - Amended Senate PDF
08/12/22 - Enrolled PDF
08/26/22 - Chaptered PDF

Related Documents

Document Format
04/25/22- Senate Committee on Labor, Public Employment and Retirement PDF
05/18/22- Sen. Floor Analyses PDF
06/13/22- Assembly Labor and Employment PDF
08/01/22- Assembly Appropriations PDF
08/05/22- ASSEMBLY FLOOR ANALYSIS PDF

Sources

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