State law now requires all businesses with five or more employees to facilitate CalSavers if they do not sponsor a retirement plan.
The registration deadline for employers with 51-100 employees is June 30, 2021, and June 30, 2022 for employers of five or more. Eligible employers with more than 100 employees who have not yet registered should do so as soon as possible to avoid penalties. Eligible employers can register any time.
CalSavers is a new state-sponsored retirement program enabling employers to facilitate their employees’ access to an individual retirement account (IRA) with no employer fees. Operating at no taxpayer expense, CalSavers is professionally managed by private sector financial firms with oversight from a public board chaired by the State Treasurer.
Visit the CalSavers webpage here: CalSavers | A simple, trusted way to save for retirement
Begin registering your business here: CalSavers
Morgan Hill Chamber of Commerce