California Code of Regulations
Title 10 - Investment
Chapter 15 - Calsavers Retirement Savings Board
Section 10005 - Default Program Options and Alternative Elections for Contributions, Automatic Escalation, and Investment Options for Participants
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) Upon enrollment, a Participating Employee who has not made an alternative election as specified in this Section shall make Contributions to the Program according to the following default elections:
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] |
(b) Participants may make an alternative election at any time through one of the methods established under Section 10004(d).
(c) Other Contribution and Investment Election Rules
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).
Note: Authority cited: Sections 100010 and 100048, Government Code. Reference: Sections 100002, 100004, 100008, 100012, 100032 and 100043, Government Code.