A new California law requires that California employers, who don’t already offer an employer-sponsored retirement plan and who have five or more employees, must allow employees to participate in the CalSavers program. The three-year phased rollout will include staggered deadlines for registration based on employer size. All eligible employers are encouraged to join at any time prior to their registration deadline. Registration for the CalSavers program opened on July 1, 2019
| Company Size | Enrollment Deadline |
| More than 100 employees | June 30, 2020 |
| More than 50 employees | June 30, 2021 |
| 5 or more employees | June 30, 2022 |
Highlights of the program include:
- No fees for employers
- No contributions for the employers
- Employers serve a limited role: facilitate the program and submit participating employees’ contributions via simple payroll deduction
- Employees are responsible for their investment choices
For more information and to register for the program, go to the CalSavers website:
https://employer.calsavers.com/
You can use HRSource to generate the required eligibility list for the state, track participation in CalSavers and to receive automatic alerts when employees become eligible.