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Board tables Program Description and Custodial Agreement; DAG recommends special meeting
Summary
Board members raised substantive questions about the Program Description and Custodial Agreement (fees, account rules and statutory language). Deputy Attorney General Nicole Ting recommended tabling the items and scheduling a special meeting after members submit written questions.
The Board paused approval of the Program Description and Custodial Agreement after Members raised detailed concerns about the documents’ language and operational effects.
Member William H. Palmer III told the Board he had "eleven pages of discrepancies" covering fees, account opening thresholds, rollover and statement provisions and other items he said needed correction before ratification. Member Joe Caldera and Member Andy Kao also pressed staff and vendors to clarify when automatic enrollment and payroll contributions would begin relative to the 120‑day statutory language for covered employees.
Deputy Attorney General Nicole Ting advised the Board to table action on Items 5 and 6 and to reconvene in an emergency meeting so the Attorney General’s Office and staff could address the members’ written questions. Treasurer Conine asked members to submit any outstanding questions in writing as soon as possible so staff and counsel can prepare detailed responses prior to the follow‑up meeting.
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