REMINDER TO EMPLOYERS:
Back in 2016, California passed legislation that created a state-run retirement program. The program later became known as CalSavers. In order to comply with California’s law, employers have two options:
- Employers may sponsor their own retirement programs, such as a 401(k).
- Otherwise, Employers are required to participate in CalSavers, California’s state-run retirement program.
Regardless of the option you choose, under California’s laws, employers are required to have a retirement plan in place for their employees.
For employers with more than 50 employees, the deadline was June 30th, 2021.
For employers with 5-50 employees, the deadline to comply is June 30th, 2022.
Failure to comply may result in fines from the Franchise Tax Board.