SB 810 Summary

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

• Transfers enforcement authority from the Employment Development Department to the CalSavers Retirement Savings Board, which may now impose penalties of $250 per eligible employee for non-compliance, with an additional $500 per employee penalty for continued violations.

• Authorizes the Franchise Tax Board to collect penalties referred by the CalSavers Board using the same mechanisms as income tax collection, with amounts collected returned to the CalSavers Retirement Savings Trust.

• Eliminates the requirement for managed accounts invested in U.S. Treasuries or myRAs during the initial three-year implementation period and streamlines program operations to reflect that the program is now operational.

• Permits employees to opt out of the program by telephone in addition to written notice, removes contribution amount restrictions tied to length of service, and authorizes the board to delegate rulemaking authority to its executive director.