Coming July 1!
California’s retirement savings program is opening soon.
Employers can register any time after July 1.
Help your employees save for retirement
CalSavers Retirement Savings Program was designed to give employers a simple way to help their employees save for retirement, with no fees, no fiduciary responsibility, and minimal maintenance. If an employer has at least five employees and doesn’t already offer a workplace retirement savings plan, they can register for CalSavers beginning July 1, 2019.
CalSavers Retirement Savings Program was designed to give employers a simple way to help their employees save for retirement, with no fees, no fiduciary responsibility, and minimal maintenance. If an employer has at least five employees and doesn’t already offer a workplace retirement savings plan, they can register for CalSavers beginning July 1, 2019.
What you need to know
- Registering your business is easy
- There are no fees for employers to facilitate the program
- Employers serve a limited role: facilitate the program and submit participating employees' contributions via simple payroll deduction.
- Employees are responsible for their investment choices
- Employers cannot make contributions
What your employees need to know
- Their CalSavers account is a Roth IRA (after tax)
- The default savings rate is 5% of gross pay, and employees can change their rate at any time
- Employees will be auto-enrolled after 30 days and will begin saving through payroll contributions
- They can opt out at any time
Your role
Because we appreciate what it takes to run a business, we keep it as simple as possible when it comes to facilitating CalSavers.
Registration
We’ll notify you when it’s time for your business to register. If you’d like to be part of the pilot program, contact us today.
Account setup
Once you register, you'll need to add delegates or payroll representatives, create a payroll list and add employees.
Account management
After your account is set up, you’ll move to maintenance mode – submitting contributions and adding new employees.
Pilot Program Ongoing
CalSavers is working with selected employers from around the state who indicated an interest in blazing a trail for a better savings future as participants in our pilot program. These participants are helping to shape the program for all other employers by offering feedback on their experience.
Employer registration begins July 1, 2019
Employers don’t have to wait to begin helping their employees save for the future. Employers of all sizes can register for the program beginning July 2019, but no later than the deadlines shown below.
100+ employees
June 30, 2020
50+ employees
June 30, 2021
5 or more employees
June 30, 2022