California’s new retirement savings program opens for registration on July 1, 2019
California will launch a pilot retirement savings program that will begin the process of offering an estimated 7 million workers in California the opportunity to con- tribute to an Individual Retirement Account (IRA) and get on track for the future.
The Act requires certain employers to facilitate the Program by providing their eligible employees with the opportunity to save through payroll deductions, unless the employer offers a Qualified Plan as specified in the Act. Eligible employees are automatically enrolled into the Program, unless they opt out of the Program within 30 days after notice of their enrollment has been provided to them.
California employers, who don’t already offer an employer-sponsored retirement plan and who have five or more employees, will begin facilitating CalSavers in July 2019. The three-year phased rollout will include staggered deadlines for registration based on employer size. All eligible employers can join at any time prior to their registration deadline.
100+ Employees >>>>> June 30, 2020
50+ Employees >>>>> June 30, 2021
5 or more Employees >>>>> June 20, 2022
· Get more details about eligibility, registration, and account set up. https://employer.calsavers.com/
· Learn how CalSavers can help you on the path to retirement savings. https://saver.calsavers.com/