The Public Employees’ Deferred Compensation Fund shall consist of the following sources and receipts, for which disbursements shall be accounted for as set forth below:
(a) Fees determined by the board and paid by employers and plan participants for the cost of administering the tax-preferred retirement savings programs.
(b) Asset management fees as determined by the board assessed against investment earnings of investment options or other investment funds provided by the board to either the state or other public employers. Asset management fees shall be disclosed to participants.
(c) (1) Deferrals or contributions to be paid monthly by participating employers or participants for investment by the board pursuant to this chapter. The moneys shall be deposited in the appropriate account, trust, group trust, or similar vehicle within the Public Employees’ Deferred Compensation Fund, and invested in accordance with the fund option or fund selected by the participants.
(2) Deferrals or contributions paid by a contracting agency shall be paid through an electronic funds transfer method prescribed by the board. This payment requirement is effective upon declaration by the board.
(3) A contracting agency that is unable, for good cause, to comply with paragraph (2), may apply to the board for a waiver that allows the agency to pay in an alternate manner as prescribed by the board, but not by credit card payment.
(d) Disbursements shall be paid from the appropriate account, trust, group trust, or similar vehicle within the Public Employees’ Deferred Compensation Fund, in accordance with the provisions of this chapter, the documents and instruments governing the tax-preferred retirement savings program, and current federal law pertaining to tax-preferred savings programs.
(e) The board shall offer a savings account equivalent program among those deferred compensation accounts made payable to participants.
(f) Net earnings on the Public Employees’ Deferred Compensation Fund shall be credited to the appropriate account, trust, group trust, or similar vehicle. Participant accounts shall be individually posted to reflect net asset value for each fund in which the participant invests.
(g) The board has the exclusive control of the administration and investment of the Public Employees’ Deferred Compensation Fund.
(Amended by Stats. 2010, Ch. 639, Sec. 14. (SB 1139) Effective January 1, 2011.)
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