§ 10005. Default Program Options and Alternative Elections for Contributions, Automatic Escalat...
10 CA ADC § 10005Barclays Official California Code of RegulationsEffective: August 7, 2023
Effective: August 7, 2023
10 CCR § 10005
§ 10005. Default Program Options and Alternative Elections for Contributions, Automatic Escalation, and Investment Options for Participants.
(B) A Participating Employee who has not participated in the Program for at least six consecutive calendar months during a calendar year shall not have Contributions subject to Automatic Escalation until the January 1 that follows the next calendar year in which the Participating Employee has at least six calendar months of participation.
A Participating Employee who has not made an alternative election shall have all Contributions invested in a capital preservation investment for 30 days. After those 30 days have elapsed, unless the Participating Employee makes an alternative election, the Participating Employee's Contributions shall be invested in a Target Date Fund based on the Participating Employee's age as reported on the Program's records and an assumed retirement at age 65.
The applicable Target Date Fund shall be determined as described in the following table:
Date of Birth | Target Retirement Years | CalSavers Fund Name | |
---|---|---|---|
12/31/1947 or Earlier | 2012 or earlier | CalSavers Target Retirement Fund | |
1/1/1948 - 12/31/1952 | 2013 - 2017 | CalSavers Target Retirement 2015 Fund | |
1/1/1953 - 12/31/1957 | 2018 - 2022 | CalSavers Target Retirement 2020 Fund | |
1/1/1958 - 12/31/1962 | 2023 - 2027 | CalSavers Target Retirement 2025 Fund | |
1/1/1963 - 12/31/1967 | 2028 - 2032 | CalSavers Target Retirement 2030 Fund | |
1/1/1968 - 12/31/1972 | 2033 - 2037 | CalSavers Target Retirement 2035 Fund | |
1/1/1973 - 12/31/1977 | 2038 - 2042 | CalSavers Target Retirement 2040 Fund | |
1/1/1978 - 12/31/1982 | 2043 - 2047 | CalSavers Target Retirement 2045 Fund | |
1/1/1983 - 12/31/1987 | 2048 - 2052 | CalSavers Target Retirement 2050 Fund | |
1/1/1988 - 12/31/1992 | 2053 - 2057 | CalSavers Target Retirement 2055 Fund | |
1/1/1993 - 12/31/1997 | 2058 - 2062 | CalSavers Target Retirement 2060 Fund | |
1/1/1998 - 12/31/2002 | 2063 - 2067 | CalSavers Target Retirement 2065 Fund | |
1/1/2003 - 12/31/2007 | 2068 - 2072 | CalSavers Target Retirement 2070 Fund | |
1/1/2008 or later | 2073 - or later | [Funds to be added later - not a valid Participant age] |
(3) A Participating Employee may elect to make recurring non-payroll Contributions of at least $10 each to their Account. Such recurring non-payroll Contributions may be made at least as frequently as weekly, once every two weeks, twice monthly, or monthly and must be made through Electronic Fund Transfer.
(6) Alternative contribution elections (including Contribution Rates, Automatic Escalation and opt out elections) shall be implemented as soon as administratively practicable but no later than the first payroll period following 30 days after notification to the Administrator of the alternative election.
Credits
Note: Authority cited: Sections 100010 and 100048, Government Code. Reference: Sections 100002, 100004, 100008, 100012, 100032 and 100043, Government Code.
History
1. New section filed 11-19-2018 as an emergency; operative 11-19-2018 (Register 2018, No. 47). A Certificate of Compliance must be transmitted to OAL by 5-20-2019 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-6-2019 as an emergency; operative 5-21-2019 (Register 2019, No. 19). A Certificate of Compliance must be transmitted to OAL by 8-19-2019 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 8-12-2019 as an emergency; operative 8-20-2019 (Register 2019, No. 33). A Certificate of Compliance must be transmitted to OAL by 11-18-2019 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 8-12-2019 order, including amendment of section and Note, transmitted to OAL 9-23-2019 and filed 10-31-2019; amendments operative 10-31-2019 pursuant to Government Code section 11343.4(b)(3) (Register 2019, No. 44).
5. Amendment of subsections (a)(2)(B), (a)(4) and (c)(4) filed 8-31-2020 as an emergency; operative 8-31-2020 (Register 2020, No. 36). A Certificate of Compliance must be transmitted to OAL by 3-1-2021 or emergency language will be repealed by operation of law on the following day.
6. Emergency filed 8-31-2020 extended 60 days pursuant to Executive Order N-40-20 and an additional 60 days pursuant to Executive Order N-71-20 (Register 2020, No. 39). A Certificate of Compliance must be transmitted to OAL by 6-29-2021 or emergency language will be repealed by operation of law on the following day.
7. Amendment of subsection (a)(4), new subsections (a)(4)(A)-(C), amendment of subsection (b)(3), new subsections (b)(4)-(b)(4)(B) and subsection renumbering filed 1-25-2021 as an emergency; operative 1-25-2021. Pursuant to Health and Safety Code section 1363.04(f), this action is a deemed emergency and exempt from OAL review. Expiration date of emergency action extended 60 days (Executive Order N-40-20) plus an additional 60 days (Executive Order N-71-20) (Register 2021, No. 5). A Certificate of Compliance must be transmitted to OAL by 11-23-2021 or emergency language will be repealed by operation of law on the following day.
8. Amendment of subsections (a)(2)(B), (a)(4) and (c)(4) refiled 6-28-2021 as an emergency; operative 6-30-2021. Emergency expiration extended 60 days (Executive Order N-40-20) plus an additional 60 days (Executive Order N-71-20) (Register 2021, No. 27). A Certificate of Compliance must be transmitted to OAL by 1-28-2022 or emergency language will be repealed by operation of law on the following day.
9. Amendment of subsection (a)(4), new subsections (a)(4)(A)-(C), amendment of subsection (b)(3), new subsections (b)(4)-(b)(4)(B) and subsection renumbering refiled 11-17-2021 as an emergency; operative 11-24-2021. Pursuant to Health and Safety Code section 1363.04(f), this action is a deemed emergency and exempt from OAL review (Register 2021, No. 47). A Certificate of Compliance must be transmitted to OAL by 2-22-2022 or emergency language will be repealed by operation of law on the following day.
10. Certificate of Compliance as to 11-17-2021 order transmitted to OAL 12-2-2021 and filed 1-13-2022 (Register 2022, No. 2).
11. Amendment of subsection (a)(4), repealer of subsections (a)(4)(A)-(C), amendment of subsection (b)(4) and repealer of subsections (b)(4)(A)-(B) filed 12-21-2022 as an emergency; operative 1-1-2023 (Register 2022, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-30-2023 or emergency language will be repealed by operation of law on the following day.
12. Amendment of subsection (a)(4), repealer of subsections (a)(4)(A)-(C), amendment of subsection (b)(4) and repealer of subsections (b)(4)(A)-(B) refiled 6-19-2023 as an emergency; operative 6-30-2023 pursuant to Government Code section 11346.1(d) (Register 2023, No. 25). A Certificate of Compliance must be transmitted to OAL by 9-28-2023 or emergency language will be repealed by operation of law on the following day.
13. Certificate of Compliance as to 6-19-2023 order transmitted to OAL 6-23-2023 and filed 8-7-2023 (Register 2023, No. 32).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 10, § 10005, 10 CA ADC § 10005
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