Beginning June 30th, 2022 the CalSavers Mandate required employers in California with 5 or more employees to sponsor a retirement plan for their workers. This August, Senate Bill 1126 was signed into law, which extends the requirement to any employer with at least one employee. This now applies the mandate to most employers in the state, who will have until December 31, 2025 to register.
CalSavers is California’s retirement savings program aimed at the workers who don’t currently have a way to save for retirement. If employers don’t provide their own retirement plan, they must offer their workers CalSavers, the state-operated retirement savings plan. Failure to provide either will result in fines for the employer.
Questions about the CalSavers Mandate changes? Don’t hesitate to contact the office!
San Jose: (408) 252-1800
Watsonville: (831) 726-8500