CalSavers and the California Employee Retirement Program Mandate
California is launching a new Employee Retirement Program Mandate for all businesses with five or more employees (full or part time) starting July 1, 2019 and rolling out over 3 years depending on the size of your workforce.
You’re already OK, if you currently offer a retirement program, such as a 401k, etc. If not, California’s new CalSavers program will allow you to comply at no cost to you, other than adding one more payroll deduction “bucket” to your payroll processing program. Check out the CalSavers Fact Sheet.
The program launched a pilot initiative with a small group of participating employers in November 2018. Beginning in July 2019, all eligible employers can register for the program. Interested in becoming a Pilot Employers? More info here: CalSavers Pilot Employer Flyer