CA SB923

Establishes the California Secure Choice Retirement Savings Investment Board with 9 members, including the Treasurer as chair, the Director of Finance, the Controller, and six appointed members representing retirement expertise, employees, small business, and the public.

Prohibits board members, administrators, and staff from having financial interests in program investments, borrowing trust funds, or becoming endorsers of investments.

Requires the board to adopt annual written investment policies focused on preserving principal and providing stable, low-risk returns, with equities capped at 50 percent of assets and prohibitions on leverage, derivatives, and short selling.

Mandates monthly public reporting on investments, including security details, weighted average maturity, market values, and compliance with investment policy.

Prohibits the board from opening the program for enrollment until a subsequent authorizing statute is enacted by the Legislature.