Section 100028 Of Title 21. The California Secure Choice Retirement Savings Trust Act From California Government Code >> Title 21.
100028
. (a) The actual cost of establishing the vendor registration
system and the Retirement Investments Clearinghouse shall be borne
equally by registered vendors, based on the total number of
registered vendors. Each registered vendor shall pay a one-time
establishment fee equal to a pro rata share of the establishment
costs charged to vendors that register with the board prior to the
close of the initial registration period, as determined by the board.
The one-time establishment fee charged to vendors that register with
the board after the completion of the initial registration period
shall be distributed equally among registered vendors that have paid
the establishment fee and credited toward subsequent maintenance and
administrative fees charged to each vendor.
(b) The actual cost of maintaining the vendor registration system
and the Retirement Investments Clearinghouse, and the costs
associated with publicizing the availability of the clearinghouse to
eligible employers, shall be borne equally by registered vendors,
based on the total number of registered vendors. Each registered
vendor shall pay a renewal fee equal to a pro rata share of the
maintenance costs, as determined by the board.
(c) Each registered vendor shall pay an administrative fee for
each retirement investment product it offers to employers, which
shall represent the actual costs associated with processing the
information related to the investment option and presenting it on the
Retirement Investments Clearinghouse, as determined by the board.
(d) The board shall not divert California Secure Choice Retirement
Savings Trust funds to establish or maintain the vendor registration
system or the Retirement Investments Clearinghouse.