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Reminder: Employers Have 60 Days to Meet CalSavers Mandate

State Treasurer Fiona Ma issued a recent press release reminding businesses with five or more employees of the requirement to enroll in the CalSavers Retirement Savings Program by the June 30, 2022 deadline. 

CalSavers Retirement Savings Program is a state-run retirement savings program for private-sector employees whose employers do not offer a retirement program. Please note that businesses with AT LEAST FIVE employees have to enroll or file an exemption by the June 30, 2022 deadline or they may face a $250 fine for each employee, and all employees are automatically enrolled and will have 5% of their earnings deducted unless they opt-out of the program.  

For detailed information, please visit: www.calsavers.com

For a list of Frequently Asked Questions, visit: https://www.calsavers.com/home/frequently-asked-questions.html

Questions? CalSavers support can be reached by calling 855.650.6916 or via email at clientservices@calsavers.com

 

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