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observer

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  1. Observer, I ask you to kindly read the bill and show me where CSU was exempted from 770.3, they were not. Here is a link to the chaptered bill. This bill basically allowed the state controllers office to administer there program with more flexibility, it did not give any new powers to CSU to ignore existing California law. ScottyD Below are sections of the bill. It amends code and says that CSU is excluded. That is how it reads to me. An act to amend Sections 24950, 24953, 25100, 25101, 25111, 25112, 25113, 25114, and 25115 of the Education Code, to amend Section 12420.2 of the Government Code, and to amend Section 770.3 of the Insurance Code, relating to public employees. SEC. 3. Section 25100 of the Education Code is amended to read: 25100. (a) The board shall establish a vendor registration process through which information about tax-deferred retirement investment products as described in Section 403(b) of the Internal Revenue Code of 1986 shall be made available for consideration by public employees of all local school districts, community college districts, county offices of education, and state employees of a state employer under the uniform state payroll system, excluding the California State University System, eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986. You've read it wrong. CalSTRS sponsored the bill and there is no exception, even CSU would disagree with you on this one. ScottyD Okay then how are they getting around it?
  2. Observer, I ask you to kindly read the bill and show me where CSU was exempted from 770.3, they were not. Here is a link to the chaptered bill. This bill basically allowed the state controllers office to administer there program with more flexibility, it did not give any new powers to CSU to ignore existing California law. ScottyD Below are sections of the bill. It amends code and says that CSU is excluded. That is how it reads to me. An act to amend Sections 24950, 24953, 25100, 25101, 25111, 25112, 25113, 25114, and 25115 of the Education Code, to amend Section 12420.2 of the Government Code, and to amend Section 770.3 of the Insurance Code, relating to public employees. SEC. 3. Section 25100 of the Education Code is amended to read: 25100. (a) The board shall establish a vendor registration process through which information about tax-deferred retirement investment products as described in Section 403(b) of the Internal Revenue Code of 1986 shall be made available for consideration by public employees of all local school districts, community college districts, county offices of education, and state employees of a state employer under the uniform state payroll system, excluding the California State University System, eligible to participate in an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code of 1986.
  3. A state bill was passed, AB 2191, that basicly exempted CSU from the 770 regulation that is why K-12 and other colleges are still following the 770 gudelines. It is interesting to read becase they were mentioned directly by name. They sent out an extensive RFP with some very heavy requirements that had to be met before they would even look at product.
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