Mandatory Retirement Savings Program coming to a state near you?
Did you know that currently only 4 in 10 small businesses offer any type of retirement benefit to employees, making it a serious challenge for employees to prepare for a financially secure retirement?
In response to this automatic enrollment plans are popping up making it mandatory for employers in the following states to begin to offer to their employees:
California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, Oregon, and Washington.
Currently in California, employers are facing deadlines to register with the State program called CALSAVERS . The first deadline is June 30, 2020 for employers who have 100 or more employees. The deadline for entities with just 5 or more employees is June 30, 2022