CA AB2733

Extends indefinitely the Director of Employment Development's authority to approve a single voluntary disability plan for small-business-third-party administrators (SBTPAs) and their clients, removing the January 1, 2015 expiration date.

Requires SBTPAs to maintain separate accounting ledgers for each client's contributions and plan assets instead of individual subaccounts, with master trust accounts held in federally insured banks.

Makes the SBTPA responsible for meeting financial security requirements on behalf of all clients and their employees, rather than placing this responsibility on individual employers.

Authorizes the Director of Employment Development to terminate a plan for cause and recover plan assets directly from the SBTPA instead of from the employer.

Takes effect immediately as an urgency statute.