Several years ago Governor Brown signed Senate Bill 1234 which required the state’s Secure Choice Retirement Savings Investment Board to begin development of a workplace retirement savings program, known as CalSavers, for private sector workers whose employers do not offer a retirement plan. Under the new law, employers with five (5) or more employees are required to either provide their own workplace retirement savings program (such as a 401(k) plan) or register for the CalSavers program and facilitate employees’ contributions to Individual Retirement Accounts.
Deadlines for compliance vary according to the size of the business, as set forth below.
Size of Business Deadline
Over 100 employees | June 30, 2020
Over 50 employees | June 30, 2021
5 or more employees | June 30, 2022
For more information about the CalSavers program and how to register, employers may visit the
CalSavers
page on the California State Treasurer’s website.
If you have any questions about the matters discussed in this issue of Compliance Matters, please call your firm contact at 818-508-3700 or visit us online at
www.brgslaw.com
.
Sincerely,
Richard S. Rosenberg
Katherine A. Hren
Ballard Rosenberg Golper & Savitt, LLP
