Statute · California Government Code
Cal. Gov't Code § 19999.5 — Tax-Deferred Savings Plans
Cal. Gov't Code § 19999.5
- Type
- Statute
- Source
- California Government Code
- Jurisdiction
- California
- Date
- 2019-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
In order to encourage savings and increase the savings options available to officers and employees, the department may establish and administer tax-advantaged retirement savings plans in accordance with Section 401(a) of the Internal Revenue Code, including cash or deferral arrangements under…
Citator
Cal. Gov't Code § 19999.5 — Tax-Deferred Savings Plans is in force in the current edition of the Code, and nothing recorded condemns it.
In order to encourage savings and increase the savings options available to officers and employees, the department may establish and administer tax-advantaged retirement savings plans in accordance with Section 401(a) of the Internal Revenue Code, including cash or deferral arrangements under Section 401(k) of the Internal Revenue Code. The department may develop specifications and contract for the administration of the plans to the extent necessary to carry out this section. These plans shall be provided in addition to the retirement savings plans currently authorized, shall offer the maximum flexibility available under current federal law, and may provide for employer as well as employee contributions.