Reminder: CalSavers Compliance Deadline on June 30, 2022 for Employers with 5-50 Employees
The deadline for California employers with between 5-50 employees to either register for, or opt out of, the CalSavers Retirement Savings Program is quickly approaching.
As we explained in a previous blog post, CalSavers is a new, automatic enrollment payroll deduction IRA program, designed to expand access to workplace retirement savings programs. Under state legislation passed in 2016, employers with five or more employees will be required to offer a qualified workplace retirement savings plan via the private market or facilitate their employees' access to CalSavers.
Review our blog post from September 2020 for a summary of employer obligations (register or opt out) and post-registration information (ongoing employer responsibilities).
We encourage you to reach out to a member of our Employment Law Group with any questions or concerns.