1. (a) The Board shall offer financial incentives to Participating Employers that meet the requirements of subsections (b) and (f).

   1. (1) Financial incentives offered by the Board pursuant to this Section shall be:

      1. (A) In the amount of $500 per awardee.
      2. (B) Disbursed via Electronic Fund Transfer or personal check by the Administrator to Participating Employers that are announced as awardees pursuant to subsection (e).
      3. (C) Disbursed to awardees within 180 calendar days of the awardees being announced.

2. (b) Participating Employers will be eligible for entrance into two separate financial incentive drawings for completing the following.

   1. (1) Registering and establishing a payroll deposit retirement savings arrangement with the Program between the following dates.

      1. (A) January 1, 2025, and July 31, 2025. Participating Employers who have a Program participation deadline established by Section 10002 subsection (a)(4) who registered and established a payroll deposit retirement savings arrangement with the Program prior to January 1, 2025, will be automatically entered into this drawing.
      2. (B) August 1, 2025, and November 30, 2025.
   2. (2) Being in full compliance with the regulations contained in this Chapter and Title 21 of the Government Code.
   3. (3) Have at least one Participating Employee in the Program.
   4. (4) Facilitate at least one Contribution to the Program.
3. (c) Eligible drawing entrants will be announced on the Board's website (treasurer.ca.gov/CalSavers) at least ten calendar days prior to the announcement of awardees.

4. (d) No more than 1,000 awardees shall be selected from each drawing established pursuant to subsection (b).

   1. (1) In the event that a drawing contains 1,000 or fewer eligible entrants all eligible entrants shall be awarded a financial incentive pursuant to subsection (a)(1)(A).

5. (e) The Board will select and announce awardees at a board meeting or at a public hearing held by the Executive Director of the Board or their Designee.

   1. (1) Awardees shall be selected via a random number generator.
   2. (2) In the event a public hearing is held to announce awardees Board staff shall provide notice of the time, date, and place of the hearing by publishing said details on the Board's website (treasurer.ca.gov/CalSavers) and by mailing or emailing the notice to every person who has filed a request for notice with the Board no less than ten calendar days beforehand.
6. (f) Eligible Participating Employers that entered the first financial incentive drawing by meeting the requirements of subsection (b)(1)(A) and (b)(2)-(4) and were not announced as an awardee from that drawing, will be automatically entered in the second drawing specified in subsection (b)(1)(B).
7. (g) Participating Employers may only receive one financial incentive issued pursuant to this Section.
8. (h) Notwithstanding any provision of this Section, failure to meet the terms and conditions enumerated in this Section will disqualify awardees from receiving a financial incentive issued by the Board pursuant to this Section.
9. (i) This Section shall be in effect only until January 1, 2028, and as of that date is repealed.

Note: Authority cited: Sections 100010 and 100048, Government Code. Reference: Sections 100004 and 100012, Government Code.

History

1. New section filed 4-1-2025 as an emergency; operative 4-1-2025 (Register 2025, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-29-2025 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 4-1-2025 order transmitted to OAL 7-28-2025 and filed 9-8-2025 (Register 2025, No. 37).