CalSavers Deadline Reminder | Register by June 30th

The CalSavers Retirement Savings Program is a state-run retirement plan designed to protect workers whose employers do not already offer a retirement plan. Employers who already offer a 401(k) plan or similar qualified plan are exempt from this requirement.  Employers with five or more California employees (based on average number of employees for 2021) are required to either provide a retirement plan for their workers or register for CalSavers by June 30^th, 2022.

Further, employers are required to inform CalSavers if they already offer a retirement plan and are, therefore, exempt. 

Employers that fail to comply with the program requirements will be subject to a $250 per‑employee penalty assessed by the Franchise Tax Board, which will increase by $500 (for a total of $750) per employee if the employer does not comply within 180 days.

Follow THIS LINK to get more information about the CalSavers program, register your business with CalSavers, or inform CalSavers that the business is exempt.