Section 21677 Of Chapter 16. Deferred Compensation From California Government Code >> Division 5. >> Title 2. >> Part 3. >> Chapter 16.
21677
. The Public Employees' Deferred Compensation Fund shall
consist of the following sources and receipts, for which
disbursements shall be accounted for as set forth below:
(a) Fees determined by the board and paid by employers and plan
participants for the cost of administering the tax-preferred
retirement savings programs.
(b) Asset management fees as determined by the board assessed
against investment earnings of investment options or other investment
funds provided by the board to either the state or other public
employers. Asset management fees shall be disclosed to participants.
(c) (1) Deferrals or contributions to be paid monthly by
participating employers or participants for investment by the board
pursuant to this chapter. The moneys shall be deposited in the
appropriate account, trust, group trust, or similar vehicle within
the Public Employees' Deferred Compensation Fund, and invested in
accordance with the fund option or fund selected by the participants.
(2) Deferrals or contributions paid by a contracting agency shall
be paid through an electronic funds transfer method prescribed by the
board. This payment requirement is effective upon declaration by the
board.
(3) A contracting agency that is unable, for good cause, to comply
with paragraph (2), may apply to the board for a waiver that allows
the agency to pay in an alternate manner as prescribed by the board,
but not by credit card payment.
(d) Disbursements shall be paid from the appropriate account,
trust, group trust, or similar vehicle within the Public Employees'
Deferred Compensation Fund, in accordance with the provisions of this
chapter, the documents and instruments governing the tax-preferred
retirement savings program, and current federal law pertaining to
tax-preferred savings programs.
(e) The board shall offer a savings account equivalent program
among those deferred compensation accounts made payable to
participants.
(f) Net earnings on the Public Employees' Deferred Compensation
Fund shall be credited to the appropriate account, trust, group
trust, or similar vehicle. Participant accounts shall be individually
posted to reflect net asset value for each fund in which the
participant invests.
(g) The board has the exclusive control of the administration and
investment of the Public Employees' Deferred Compensation Fund.