California 2019-2020 Regular Session Status: In Committee

AB 2219 — State Teachers' Retirement System: individual retirement plans: administration.

Last action — In committee: Set, first hearing. Hearing canceled at the request of author.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law authorizes the State Teachers' Retirement System to administer an individual retirement plan described in Section 408A of Title 26 of the United States Code, commonly referred to as a Roth IRA, for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system to the extent the rollover complies with specified federal law. Existing law establishes the Teachers' Deferred Compensation Fund to serve as the repository of funds received by the system for various deferred compensation plans. Existing law specifies where in the fund certain premium and fee revenues received by the system are to be deposited. This bill would also authorize the system to administer an individual retirement plan as described in Section 408 of Title 26 of the United States Code. The bill would eliminate the requirement that the administration of these plans be for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system, as described above. The bill would instead specify categories of people for whom the system could provide this service, including certain former eligible employees and their spouses. By providing for additional funds to be deposited into a continuously appropriated fund, this bill would make an appropriation. The bill would make a conforming change regarding where premium and fee revenues received in this regard are to be deposited

Bill Text

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1 line(s) added, 1 removed.

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Action History

  1. In committee: Set, first hearing. Hearing canceled at the request of author.

  2. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 2.) (May 5). Re-referred to Com. on APPR.

  3. In committee: Hearing postponed by committee.

  4. Referred to Com. on P.E. & R.

  5. From printer. May be heard in committee March 14.

  6. Read first time. To print.

Sponsors

  • O'Donnell · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • O'Donnell

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2219 do?
Existing law authorizes the State Teachers' Retirement System to administer an individual retirement plan described in Section 408A of Title 26 of the United States Code, commonly referred to as a Roth IRA, for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system to the extent the rollover complies with specified federal law. Existing law establishes the Teachers' Deferred Compensation Fund to serve as the repository of funds received by the system for various deferred compensation plans. Existing law specifies where in the fund certain premium and fee revenues received by the system are to be deposited. This bill would also authorize the system to administer an individual retirement plan as described in Section 408 of Title 26 of the United States Code. The bill would eliminate the requirement that the administration of these plans be for the purpose of accepting a rollover from an annuity contract or custodial account offered by the system, as described above. The bill would instead specify categories of people for whom the system could provide this service, including certain former eligible employees and their spouses. By providing for additional funds to be deposited into a continuously appropriated fund, this bill would make an appropriation. The bill would make a conforming change regarding where premium and fee revenues received in this regard are to be deposited
Who sponsors AB 2219?
AB 2219 is sponsored by O'Donnell.
What is the current status of AB 2219?
This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2219?
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Last checked for changes 3 months ago · updated continuously

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