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California Assembly Bill AB2219

California 2019-2020 Regular Session

California Assembly Bill AB2219 Compare Versions

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11 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2219Introduced by Assembly Member ODonnellFebruary 12, 2020 An act to amend Sections 24950.5 and 24976 of the Education Code, relating to individual retirement plans, and making an appropriation therefor. LEGISLATIVE COUNSEL'S DIGESTAB 2219, as introduced, ODonnell. State Teachers Retirement System: individual retirement plans: administration.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 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 depositedDigest Key Vote: MAJORITY Appropriation: YES Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 24950.5 of the Education Code is amended to read:24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.SEC. 2. Section 24976 of the Education Code is amended to read:24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
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33 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2219Introduced by Assembly Member ODonnellFebruary 12, 2020 An act to amend Sections 24950.5 and 24976 of the Education Code, relating to individual retirement plans, and making an appropriation therefor. LEGISLATIVE COUNSEL'S DIGESTAB 2219, as introduced, ODonnell. State Teachers Retirement System: individual retirement plans: administration.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 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 depositedDigest Key Vote: MAJORITY Appropriation: YES Fiscal Committee: YES Local Program: NO
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99 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
1010
1111 Assembly Bill
1212
1313 No. 2219
1414
1515 Introduced by Assembly Member ODonnellFebruary 12, 2020
1616
1717 Introduced by Assembly Member ODonnell
1818 February 12, 2020
1919
2020 An act to amend Sections 24950.5 and 24976 of the Education Code, relating to individual retirement plans, and making an appropriation therefor.
2121
2222 LEGISLATIVE COUNSEL'S DIGEST
2323
2424 ## LEGISLATIVE COUNSEL'S DIGEST
2525
2626 AB 2219, as introduced, ODonnell. State Teachers Retirement System: individual retirement plans: administration.
2727
2828 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 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
2929
3030 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 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.
3131
3232 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
3333
3434 ## Digest Key
3535
3636 ## Bill Text
3737
3838 The people of the State of California do enact as follows:SECTION 1. Section 24950.5 of the Education Code is amended to read:24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.SEC. 2. Section 24976 of the Education Code is amended to read:24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
3939
4040 The people of the State of California do enact as follows:
4141
4242 ## The people of the State of California do enact as follows:
4343
4444 SECTION 1. Section 24950.5 of the Education Code is amended to read:24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.
4545
4646 SECTION 1. Section 24950.5 of the Education Code is amended to read:
4747
4848 ### SECTION 1.
4949
5050 24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.
5151
5252 24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.
5353
5454 24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.(b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.
5555
5656
5757
5858 24950.5. (a) The system may administer an individual retirement plan as described in Section 408 or 408A of Title 26 of the United States Code for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system pursuant to this chapter to the extent the rollover complies with Title 26 of the United States Code. eligible employees, former eligible employees who retired from a public retirement system provided through an employer as described in subdivision (a) of Section 24950 or subdivision (a) of Section 24975, former eligible employees who established an account pursuant to Chapter 36 (commencing with Section 24950) or Chapter 37 (commencing with Section 24975), and their spouses.
5959
6060 (b) The system may provide for the administration of the individual retirement plan described in subdivision (a) by a qualified third-party administrator who shall, by agreement with the system, provide custodial, investment, recordkeeping, or administrative services, or any combination thereof.
6161
6262 SEC. 2. Section 24976 of the Education Code is amended to read:24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
6363
6464 SEC. 2. Section 24976 of the Education Code is amended to read:
6565
6666 ### SEC. 2.
6767
6868 24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
6969
7070 24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
7171
7272 24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).(2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.(3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.(4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.(6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.(7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.(8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).(b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.(c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:(1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.(2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.(3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.(4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.(5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.(6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.(7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.
7373
7474
7575
7676 24976. (a) (1) The Teachers Deferred Compensation Fund is hereby established to serve as the repository of funds received by the system pursuant to this chapter, Chapter 36 (commencing with Section 24950) or Chapter 39 (commencing with Section 25100).
7777
7878 (2) Except as described in paragraph (7), premium and fee revenues received by the system pursuant to Chapter 36 (commencing with Section 24950), except Section 24950.5, shall be deposited into the 403(b) Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter, excluding Section 24950.5.
7979
8080 (3) Premium and fee revenues received by the system pursuant to Section 24950.5 of Chapter 36 shall be deposited into the Roth IRA Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that section.
8181
8282 (4) Premium and fee revenues received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.
8383
8484 (5) Compensation deferrals received by the system pursuant to this chapter shall be deposited into the Deferred Compensation Investment Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of this chapter.
8585
8686 (6) Fee revenues received by the system pursuant to Chapter 39 (commencing with Section 25100) shall be deposited into the 403(b) Vendor Registry Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of that chapter.
8787
8888 (7) Fee revenues received by the system pursuant to Sections 24953 and 24977, and any assets in the Teachers Retirement Program Development Fund pursuant to Section 22307.5 as of January 1, 2008, shall be deposited into the Deferred Compensation Administrative and Compliance Services Operating Account within the Teachers Deferred Compensation Fund, and shall only be used to carry out the purposes of Sections 24953 and 24977.
8989
9090 (8) Notwithstanding Section 13340 of the Government Code, all moneys in the Teachers Deferred Compensation Fund shall be continuously appropriated without regard to fiscal year to carry out the purposes of this chapter, Chapter 36 (commencing with Section 24950), and Chapter 39 (commencing with Section 25100).
9191
9292 (b) With respect to deferred compensation plans administered pursuant to this chapter, and notwithstanding any other provision of law, the system may retain a bank or trust company, or a credit union, to serve as custodian of the moneys of the Teachers Deferred Compensation Fund and to provide for safekeeping, recordkeeping, delivery, securities valuation, or investment performance reporting services, or services in connection with investment of the Teachers Deferred Compensation Fund.
9393
9494 (c) With respect to deferred compensation plans administered pursuant to this chapter, the Teachers Deferred Compensation Fund shall consist of the following sources and receipts, and disbursements shall be accounted for as set forth below:
9595
9696 (1) Premiums determined by the system and paid by participating employers and employees for the cost of administering the deferred compensation plan.
9797
9898 (2) Asset management fees as determined by the system assessed against investment earnings of investment option or of other investment funds. These fees shall be disclosed to employees participating in the deferred compensation plan.
9999
100100 (3) Compensation deferrals to be paid in monthly installments by employers sponsoring deferred compensation plans described in Section 24975 for investment by the system. The moneys shall be deposited in the investment corpus account within the Teachers Deferred Compensation Fund and invested in accordance with the investment options selected by the participating employee.
101101
102102 (4) Disbursements to participating employees shall be paid from a disbursement account within the Teachers Deferred Compensation Fund in accordance with applicable federal law pertaining to deferred compensation plans.
103103
104104 (5) Income, of whatever nature, earned on the Teachers Deferred Compensation Fund shall be credited to the appropriate account. The accounts of participating employees of the employer shall be individually posted to reflect amounts of compensation deferred and investment gains and losses. A periodic statement shall be given to each participating employee.
105105
106106 (6) The system shall have exclusive control of the administration and investment of the Teachers Deferred Compensation Fund.
107107
108108 (7) All of the systems costs of administering the deferred compensation plans pursuant to this chapter shall be recovered from the employees who participate in the plans or assets of the Teachers Deferred Compensation Fund in a manner acceptable to the board.