AB 364 Summary

• Amends California Business and Professions Code Section 19604 to clarify that a person becomes a participant in the California-licensed jockeys' retirement plan upon being licensed as a jockey in California.

• Establishes a defined contribution retirement plan for California-licensed jockeys who retired on or after January 1, 2009, funded by 50% of moneys deducted from advance deposit wagers (0.00295 multiplied by amount wagered, capped at $2,000,000 annually for non-harness racing).

• Requires the remaining 50% of jockey retirement plan funding to be distributed to trainer-administered pension plans for backstretch personnel (70%) and horsemen welfare funds (30%).

• Applies to harness racing meetings with a separate cap of $500,000 annually, distributing funds first to horsemen welfare funds and then to horsemen benefits as specified in racing agreements.

• Declared an urgency statute effective immediately upon Governor's approval on August 22, 2016.