The deadline for qualified employers with more than 50 eligible employees to register for the CalSavers Retirement Savings Program is June 30, 2021.
CalSavers is California’s 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 do not offer a workplace retirement plan, self-employed individuals, and others who want to save extra. Savers contribute to an Individual Retirement Account (IRA) that belongs to them. Employers that do not offer their own plan, have at least five California-based employees, and at least one of whom is age 18, are required to register for CalSavers by their deadline and facilitate their employees’ access to the Program.
The next deadline is June 30, 2022, for qualified employers with five or more eligible employees. Employers with 100 or more employees were required to register by September 30, 2020.
Employers who do not offer a retirement savings plan, including private, non-profit and religious organizations should ensure that they register for the Program by the applicable registration date based on their size. Employers should contact their payroll provider to facilitate employee contributions through payroll deduction for submission to the Program.
Employers may obtain additional information on the CalSavers program by reviewing the state’s FAQs.
