California CalSavers Retirement Savings Program
CalSavers is a retirement savings program for private sector workers whose employers do not offer a retirement plan. This program gives employers an easy way to help their employees save for retirement, with no employer fees, no fiduciary responsibility, and minimal ongoing responsibilities. CalSavers is exempt from the Employee Retirement Income Security Act.
Employers with five or more employees must participate in CalSavers if they do not already have a workplace retirement plan. The deadline to register is based on the size of the business.
Due to the COVID-19 pandemic, the first registration deadline is extended to September 30, 2020, for employers with more than 100 employees.
| Size of Business | Deadline |
|---|---|
| Over 100 employees | September 30, 2020 |
| Over 50 employees | June 30, 2021 |
| 5 or more employees | June 30, 2022 |
For more information, visit the California State Treasurer CalSavers page.
Source
