Section 2809 Of Article 2. Obligations Of Employer From California Labor Code >> Division 3. >> Chapter 2. >> Article 2.
2809
. (a) Any employer, whether private or public, that offers its
employees an employer-managed deferred compensation plan shall
provide to each employee, prior to the employee's enrollment in the
plan, written notice of the reasonably foreseeable financial risks
accompanying participation in the plan, historical information to
date as to the performance of the investments or funds available
under the plan, and an annual balance sheet, annual audit, or similar
document that describes the employer's financial condition as of a
date no earlier than the immediately preceding year.
(b) Within 30 days after the end of each quarter of the calendar
year, the employer, who directly manages the investments of a
deferred compensation plan, shall provide, to each employee enrolled
in a deferred compensation plan offered by the employer, a written
report summarizing the current financial condition of the employer,
summarizing the financial performance during the preceding quarter of
each investment or fund available under the plan, and describing the
actual performance of the employee's funds that are invested in each
investment or fund in the plan.
(c) The obligations described in subdivisions (a) and (b) may be
performed by a plan manager designated by the employer, who may
contract with an investment manager for that purpose.
(d) If an employee is enrolled in a deferred compensation plan
that is self-directed through a financial institution, the
requirements set forth in this section shall be deemed to have been
met.