CalSavers is a new state‐sponsored retirement program enabling employers to facilitate their employees’ access to an individual retirement account (IRA) with no employer fees. Operating at no taxpayer expense, CalSavers is professionally managed by private sector financial firms with oversight from a public board chaired by the State Treasurer.
State law now requires all businesses with five or more employees to facilitate CalSavers if they do not already sponsor a retirement plan, with deadlines phased in over three years. In light of the COVID‐19 crisis, the first deadline will be extended to September 30, 2020 for employers with over 100 employees. The decision allows employers experiencing hardship additional time to contend with urgent needs and prepare for recovery. Eligible employers that are ready to join are welcome any time.
Learn more at CalSavers.com.