AB 2462 (Mullin) – 403(b) Compliance Services
Specifies key components of due diligence that school employers must perform during their selection of a third-party administrator (TPA) for their deferred compensation plans, including CalSTRS.Authorizes the Teachers’ Retirement Board to contract to supply administrative and compliance services for employer-sponsored deferred compensation plans to school districts that contract with CalSTRS for those services.Allows the costs for TPA services to be paid by participants, establishes a start up funding mechanism and requires school districts to review ability of TPAs to meet specified standards.
- Version: Chaptered (Chapter 780, Statutes of 2006)
- Sponsor: Teachers’ Retirement Board
- Location: Signed by Governor
- Board Position: Sponsor