If you’re a private-sector California business owner, we hope you’ve heard about CalSavers. The most recent registration deadline of this retirement plan program, June 2022, affects all private-sector employees with more than five employees. Employers will face fines if they don’t offer a qualified retirement plan or register for the state option CalSavers by June 30, 2022.
CalSavers stipulates that private-sector employers must offer a retirement savings plan. If an employer does not offer a qualified retirement plan of their own, such as SIMPLE IRA, 401(k), etc., it must offer employees CalSavers, the state-operated retirement savings plan – or else face fines. The CalSavers plan focuses on small businesses and starts with employers of five or more employees.
So – if YOU are a private-sector employer with five or more employees and have NO qualified retirement plan in place, get yourself over to the CalSavers website to begin the registration process TODAY!