The California Department of Human Resources
1515 S Street, North Building, Suite 500.
Sacramento, California 95811
Title 2. Administration
Division 1. Administrative Personnel
Chapter 3. Department of Human Resources
Subchapter 1. General Civil Service Rules
Article 27. 457 Deferred Compensation Plan
Section 599.942 INVESTMENTS
NOTICE OF MODIFICATION TO TEXT OF PROPOSED REGULATION, INITIAL STATEMENT OF REASONS & NOTICE OF ADDITIONAL DOCUMENTS TO RULEMAKING FILE
The proposed modification is to prior submitted rulemaking file #2023 0609-05S originally noticed on December 2, 2022.
Pursuant to the requirements of Government Code sections 11346.8(c), 11346.8(d), 11346.9(a)(1), 11347.1, and section 44 of Title 1 of the California Code of Regulations, the California Department of Human Resources (CalHR) provides notice of changes made to proposed regulation section 599.942, Initial Statement of Reasons, and the documents that the agency relied upon in adopting the proposed regulations. These documents related to the proposed regulatory changes have been added to the rulemaking file and are available for public inspection and comment. The text of the regulation with proposed modifications is attached to this Notice.
The documents modified to the rulemaking file are as follows:
Initial Statement of Reasons
Text of Regulation
The documents added to the rulemaking file are as follows:
401k Plan Documents dated January 1, 2020
457b Plan Documents dated January 1, 2020
Investment Policy Statement dated January 1, 2020
Beginning October 20, 2023, these documents are available for public inspection on the agency's website at
www.calhr.ca.gov/Pages/regulatory-announcements.aspx or by request to the agency contact, between the hours of 8:00am and 5:00 p.m. at the following address.
CalHR will accept written comments on the proposed changes from October 20, 2023 to November 6, 2023. Written comments may be submitted by mail to:
California Department of Human Resources
Joseph Mesich, Investment Analyst
1515 S Street, North Building, Suite 500
Sacramento, CA 95811
Telephone: 916-324-0519
Comments may also be submitted by facsimile (FAX) at (916) 327-1885 or by e-mail to
joseph.mesich@calhr.ca.gov.
All written comments received by November 6, 2023, which pertain to the indicated changes will be reviewed by CalHR and will be summarized and responded to in the Final Statement of Reasons. Please limit your comments to the modifications to the text.
Title 2. Administration
Division 1. Administrative Personnel
Chapter 3. Department of Human Resources
Subchapter 1. General Civil Service Rules
Article 27. 457 Deferred Compensation Plan
Section 599.942 INVESTMENTS
PROPOSED REGULATIONS
Changes proposed during the 45-day comment period are shown in single underline. Proposed changes for this 15-day notice are shown in double-underline for additions and double-strikethrough for deletions.
Section 599.942 Investments
The Plan shall consist of
at least three investment funds, each of which is diversified and has materially different risk and return characteristics. In addition to the plan investment options, Savings Plus shall offer a Self-Directed Brokerage Account (SDBA) option.
the following investment offerings: a savings plan; two annuity products, both fixed and variable; and one mutual fund provider. Nothing herein shall be construed to permit any type of investment prohibited by the state Constitution or to unduly limit the addition of new options.
Note: Authority cited: Sections 16431, 19815.4(d) and 19993, Government Code. Reference: Sections
19815.2, 19815.4,
19815.6, 19993, 19993.05, 53601 and 53602, Government Code.
