11 Jan CalSavers Retirement Savings Program (01-11-22)
Introduced in July 2019, the CalSavers Retirement Savings Program mandates that all private employers in California with 5 or more full or part-time employees over age 18 offer a retirement plan for their business.
There are three deadlines, depending upon the number of employees:
- September 30, 2020 – More than 100 employees
- June 30, 2021 – More than 50 employees
- June 30, 2022 – 5 or more employees
If you currently offer a retirement plan to your employees, you must still certify an exemption for your business through the CalSavers website (link provided below):
For more information and frequently asked questions see the following link: https://www.calsavers.com/home/frequently-asked-questions.html
If your business does not have a retirement plan, there are two choices:
- Start a new plan
- Offer the CalSavers Plan to your employees
The penalty for non-compliance is a minimum of $250 which could increase to $500 per employee.
Please contact gish to discuss starting a new plan before opting to offer a CalSavers Plan.