CA AB2219

Authorizes the State Teachers' Retirement System to administer individual retirement plans under both Section 408 (traditional IRA) and Section 408A (Roth IRA) of the Internal Revenue Code, expanding beyond the current Roth IRA-only authority.

Eliminates the requirement that IRA administration be limited to accepting rollovers from annuity contracts offered by the system, instead allowing service for eligible employees, former eligible employees who retired from public retirement systems, and their spouses.

Renames the "Roth IRA Operating Account" to the "IRA Operating Account" within the Teachers' Deferred Compensation Fund to reflect the expanded scope of retirement plan types.

Makes a continuing appropriation of funds deposited into the Teachers' Deferred Compensation Fund for premium and fee revenues related to individual retirement plan administration.