September Tip of the Month: Employers With California Employees Must Ensure CalSavers Retirement Program Compliance
Employers who do not sponsor a qualified retirement plan, such as a 401(k) plan, and have at least five employees in California must be sure to promptly enroll in California's CalSavers program. Originally created in 2016, CalSavers is a state-sponsored retirement program that enables California-based employees to save for retirement by contributing a portion of their wages to an individual retirement account (IRA). While there is no cost to employers to enroll in CalSavers, the program does require employers to provide payroll data to CalSavers on a regular basis and to facilitate payroll deductions for participating employees. Covered employers who have not already enrolled in the CalSavers program should do so promptly, in order to comply with the program's requirements.
© 2022 Perkins Coie LLP
Print and share
Authors
Notice
Before proceeding, please note: If you are not a current client of Perkins Coie, please do not include any information in this e-mail that you or someone else considers to be of a confidential or secret nature. Perkins Coie has no duty to keep confidential any of the information you provide. Neither the transmission nor receipt of your information is considered a request for legal advice, securing or retaining a lawyer. An attorney-client relationship with Perkins Coie or any lawyer at Perkins Coie is not established until and unless Perkins Coie agrees to such a relationship as memorialized in a separate writing.
Notice
Before proceeding, please note: If you are not a current client of Perkins Coie, please do not include any information in this e-mail that you or someone else considers to be of a confidential or secret nature. Perkins Coie has no duty to keep confidential any of the information you provide. Neither the transmission nor receipt of your information is considered a request for legal advice, securing or retaining a lawyer. An attorney-client relationship with Perkins Coie or any lawyer at Perkins Coie is not established until and unless Perkins Coie agrees to such a relationship as memorialized in a separate writing.