At a Glance
Main Takeaway
CalSavers deadline is June 30, 2022
Next Step
Register for CalSavers at www.calsavers.com. If you have questions, contact Therese Cheevers at tcheevers@windes.com or 844.4WINDES (844.494.6337).
CalSavers program penalties will be severe. The June 30, 2002 deadline will be imposed on employers with five or more workers, no retirement plan in place, and who have not registered for the CalSavers program. See our original article regarding the California State-Mandated CalSavers Program.
If you are an employer that does not offer employees a private retirement plan and you have five or more employees, you must comply immediately with this state law and register for the CalSavers Retirement Savings Program. If you do not, expect penalties to be imposed.
The legislation, passed in 2016, allows for non-compliant employers to be penalized $250 per employee for the first penalty notice. If noncompliance persists for another 90 days, an additional $500 per employee will be charged. The total penalty for a non-compliant employer can reach $750 per employee if no action is taken.
If you are an employer with five or more employees, register for CalSavers at www.calsavers.com before the June 30, 2022 deadline.
Please contact Therese Cheevers at tcheevers@windes.com or 844.4WINDES (844.494.6337) for questions or more information.
