California § 19993.05 - This section shall be known and may be cited as the Freedom of Financial Choice A
Full text of California Public Contract Code - PCC § 19993.05 — This section shall be known and may be cited as the Freedom of Financial Choice A, with citation guidance and answers to common questions.
§ 19993.05. This section shall be known and may be cited as the Freedom of Financial Choice A
(a) This section shall be known and may be cited as the Freedom of Financial Choice Act. (b) The department shall provide officers and employees participating in a tax-advantaged retirement savings plan established by the department under this chapter or Chapter 9 (commencing with Section 19999.5) with a broad range of investment options. The department shall have the exclusive authority to determine the investment products provided in the core portfolio under tax-advantaged retirement savings plans and shall make these selections in a prudent manner for the exclusive benefit of plan participants, retirees, and their beneficiaries. The department shall ensure that the cost of these investment options are reasonable under the prevailing facts and circumstances and that any investment alternatives determined appropriate for the core portfolio. The investment options available under the tax-advantaged retirement savings plans shall also be limited to the extent necessary to ensure the continued qualification of the plans under the Internal Revenue Code, applicable to state law, and the cost-efficient and timely administration of the plans. In addition to the core options, the department shall offer a brokerage option. (c) No fiduciary of a plan established by the department under this chapter or Chapter 9 (commencing with Section 19999.5) shall be liable for any loss that results from any individual investment choice made by a participant of a plan, except that this subdivision shall not extend to any malfeasance or misfeasance by any fiduciary of a plan established by the department under this chapter or Chapter 9 (commencing with Section 19999.5). (d) Notwithstanding any other law, the Deferred Compensation Plan Fund (0915) is exempt from the application of Article 2 (commencing with Section 11270) of Chapter 3 of Part 3 of Division 3.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 19993.05
What does Public Contract Code - PCC § 19993.05 cover?
Section 19993.05 ("This section shall be known and may be cited as the Freedom of Financial Choice A") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 19993.05?
A common citation format is "Public Contract Code - PCC § 19993.05" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 19993.05 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.