AB 102 Summary

• Renames the California Secure Choice Retirement Savings Trust Act to the CalSavers Retirement Savings Trust Act and updates references to the administering board and program accordingly.

• Eliminates the requirement to establish managed accounts in U.S. Treasuries or myRAs during the initial implementation phase and allows employees to opt out of the program by telephone.

• Transfers employer compliance enforcement authority from the Employment Development Department to the CalSavers Retirement Savings Board, which may impose penalties of $250 per employee for noncompliance and $500 for continued violations, with collection enforced by the Franchise Tax Board.

• Authorizes the Franchise Tax Board to collect penalties through standard tax collection methods and establishes an appeals process, with collected amounts deposited into the CalSavers Retirement Savings Trust.

• Requires cannabis licensing authorities to provide licensee information to the CalSavers Retirement Savings Board upon request and allows the Employment Development Department to share employer tax information with the board for program administration purposes.