CalSavers Deadline June 30
Employers must register for CalSavers by June 30, 2022 as California continues the rollout of its state-sponsored retirement savings program for businesses.
As the June 30 deadline draws closer the focus is now on businesses with 5 or more employees to register for the CalSavers program or establish a similar retirement plan that satisfies the requirement.
The CalSavers Retirement Savings Program is a state-run retirement savings program designed specifically for private-sector employees who work for an employer that DOES NOT offer a retirement program.
(If you have fifty (50) or more employees, and do not offer a qualified retirement plan to your employees, you are encouraged to register with CalSavers. The deadlines were 9/30/2020 for businesses with over 100 employees, and 6/30/2021 for businesses with over 50 employees. If you didn’t meet your deadline, contact CalSavers to get up to speed and in compliance with the law.)
All California employers with five or more employees, who do not offer a qualified workplace retirement savings plan, are required to register (or certify as exempt) with the CalSavers Retirement Savings Program by June 30, 2022 to avoid penalties.
Businesses with locations in California should have received notices from CalSavers to register or certify an exemption for the company. To register or claim an exemption, visit their website employer.calsavers.com.
More details about the requirements for Businesses, and employees are available at the CalSavers website: https://www.calsavers.com/home/frequently-asked-questions.html.