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Businesses with over 100 employees must register with CalSavers

CalSavers deadline is Sept. 30

OW Staff Writer | 9/10/2020, midnight

California State Treasurer Fiona Ma reminds employers with more than 100 employees that they are required by state law to register for CalSavers by September 30 if they don’t already sponsor a retirement plan.

CalSavers is California’s new retirement savings program that will offer millions of workers in California the opportunity to get on track for the future. CalSavers is available to California workers whose employers don’t offer a workplace retirement plan, self-employed individuals, and others who want to save extra money. Participants contribute to an Individual Retirement Account (IRA) that belongs to them and is completely portable. Employers that don’t offer their own plan and have at least five employees must register for CalSavers by the deadline and facilitate their employees’ access to the program.

“Financial resilience has never been more important for working people,” said Ma. “CalSavers is here to help underserved workers save for their futures.”

“Even with the pandemic conditions and well before the first compliance deadline, thousands of California employers are already registered and their employees have saved $9 million for their futures,” said CalSavers Executive Director Katie Selenski. “Every day we hear that it’s easy for employers to facilitate and our support team is here to help employers as they get started.”

Last April, the CalSavers Retirement Savings Board, chaired by Treasurer Ma, extended the registration deadline for employers in the state with more than 100 employees to Sept. 30. “Business owners are facing unprecedented challenges due to the COVID-19 emergency,” Ma said at the time. “We hope this action will help employers as they navigate through this difficult time.”

Deadlines for employers with more than 50 employees and five or more employees are June 30, 2021 and June 30, 2022, respectively. More information is available at www.calsavers.com.