CA AB1949

Authorizes school districts, community college districts, county offices of education, and charter schools to select 403(b) retirement products from 4 or more vendors through a competitive review and due diligence process.

Requires prospective vendors to comply with restrictions on governing body communications, prohibits financial payments to decision-makers during the selection process and contract period, and mandates adherence to employer communication policies.

Allows employees who purchased 403(b) products before the effective date of the first vendor contract to continue contributions to non-selected products if continuously employed by the same employer.

Requires appointing a committee with at least 50 percent represented employees to recommend vendors and products to the governing body.

Permits school districts and education agencies with 2,500 or fewer prior year average daily attendance to adopt vendor selections made by other qualifying agencies that followed the competitive review requirements.