CA SB1042

Renames the California Secure Choice Retirement Savings Trust Act to the CalSavers Retirement Savings Trust Act and updates all related board and program references throughout state law.

Eliminates the requirement to establish managed accounts invested in United States Treasuries and myRAs for the first three years, reflecting that the program has been implemented since January 1, 2017.

Authorizes employees to opt out of the CalSavers Retirement Savings Program by telephone in addition to written form, and removes conditions on contribution amounts that varied based on length of employee participation.

Authorizes the CalSavers Retirement Savings Board to delegate rulemaking authority to its executive director by resolution.

Requires cannabis licensing authorities (Department of Food and Agriculture, State Department of Public Health, and Bureau of Cannabis Control) to provide licensee information including name, address, tax identification number, license type, and status to the CalSavers Retirement Savings Board upon request.