The proposed amendment to CCR section 599.942 broadens the scope of the regulation to align with the applicable Government Code section. Until 2019, Savings Plus was statutorily required to offer specific investment options, including annuity products. Senate Bill 1504 (Chapter 903, Statutes of 2018), amended the requirement and granted Savings Plus “exclusive authority to determine the investment products provided in the core portfolio, specifying “a broad range of investment options” as well as a brokerage option be offered (Gov. Code, section 19993.05, subd. (b).) This section is known as the Freedom of Financial Choice Act. CCR section 599.942 reflected the outdated statutory requirements and was amended to reflect current statute.
OAL Notice of Approval, Notice of Publications Submission, and Text of Regulation
Date modification filed with the Secretary of State: 12/29/2023
Effective date of the modification Code 599.942: 04/01/2024
If you have any questions, please contact: joseph.mesich@calhr.ca.gov