The California State Treasurer has begun sending e-mails to California employers telling them to register for CalSavers, California’s “new retirement savings program.” These are not fraudulent e-mails, but they are being sent to employers who are not yet required to register for the program.
The program is being phased in over a three-year period, and employers must register and participate on the following dates. Employers with:
- More than 100 employees were required to register by September 30, 2020;
- More than 50 employees must register by June 30, 2021; and
- More than 5 employees must register by June 30, 2022.
Only employers who do not offer retirement plans to their employees are required to participate in the program. However, employers that offer a retirement plan must still certify an exemption for the business through the CalSavers website. Use the client letter below to get more information on this program, and share it with your clients.