If you already offer your employees a workplace retirement plan there is no need to read further. If you have not then this is a gentle reminder that on June 30th all California employers with five or more employees, who do not offer a qualified workplace retirement saving plan, are required to register (or certify as exempt) with the CalSavers Retirement Savings Program to avoid penalties and fines. Businesses with locations in California should have received notices from CalSavers to register or certify as exempt.
For more information on CalSavers, you can visit: https://www.calsavers.com/. CalSavers is California’s new retirement savings program that will offer millions of workers in California the opportunity to get on track for the future. CalSavers is available to California workers whose employers don’t offer a workplace retirement plan, self-employed individuals, and others who want to save extra. Savers contribute to an Individual Retirement Account (IRA) that belongs to them. Employers that don’t offer their own plan will register for CalSavers by their deadline and facilitate their employees’ access to the Program.
The CAL team also has relationships with retirement planning experts who can create a tailored plan to maximize retirement benefits for you and your employees while avoiding the fees set by the CalSavers mandate. Please let us know if we can make a warm introduction for the benefit of your company and employees.