California Business Owners: Have You Heard of CalSavers?
In 2016, Senate Bill 1234 was passed, requiring the state to develop a retirement savings program for workers whose employers do not offer a retirement plan. Any employer with 5 or more employees that does not offer a retirement plan will be required to register for the CalSavers program. Here are the deadlines:
Size of Business Deadline
Over 100 employees. . . . . Sept 30, 2020
Over 50 employees. . . . . . June 30, 2021
5 or more employees . . . . June 30, 2022
There are many restrictions and obligations that employers must comply with under CalSavers. It is important to consult a professional to ensure that you explore all of the options available to you.
Furthermore, the set up process can be lengthy (especially for certain businesses) so it is IMPERATIVE to do a consultation now. As the deadlines loom, specialists will become more and more busy (and likely unavailable) so it is best to act now. If you would like an introduction to a fantastic retirement specialist, please contact me.