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Tax, Employee Benefit Services

CalSavers Registration Deadline Almost Here!

In 2016, Governor Brown signed California Senate Bill 1234, which resulted in the creation of a workplace retirement savings program known as the CalSavers Retirement Savings Program (CalSavers). Here are some key features of CalSavers that eligible California employers should be aware of:

  • CalSavers applies to private for-profit and non-profit employers.
  • Eligible California employers with at least five employees that do not already have an employer-sponsored retirement plan are required to begin offering one via the private market or provide their employees with access to CalSavers.
  • The registration deadlines are:
    • Over 100 employees – September 30, 2020 (extended from June 30, 2020)
    • Over 50 employees – June 30, 2021 (COMING SOON!)
    • Five or more employees – June 30, 2022
  • Employers with over 50 employees must log on to the CalSavers site and either certify their exemption or enroll in the program by the upcoming June 30, 2021 deadline. Employers face the following penalties for failure to comply:
    • $250 per eligible employee after 90 days of receiving the CalSavers notification
    • $500 per eligible employee after 180 days or more after receiving the CalSavers  notification
  • Employer contributions are not permitted.

Employers that do not already have an employer-sponsored retirement plan may want to examine implementing one based on the following considerations:

  • The administrative functions an employer must fulfill to participate in the CalSavers program are similar to those of a 401(k) plan.
  • Employee 401(k) contributions are tax deferred and the savings limit is much larger ($19,500 for 2021 and an additional $6,500 for employees age 50 and older).
  • Employer contributions are permitted and are deductible by the employer.
  • Offering a plan can help attract and retain talented employees.
  • Qualified plans offer increased retirement savings for business owners.
  • The cost of CalSavers investments (consisting of an underlying fund fee, a state fee, and a program administration fee) could be approximately twice the cost of a typical 401(k) investment.

If you have any questions or would like more information, please contact Therese Cheevers at or 844.4WINDES (844.494.6337).


Therese Cheevers
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