CalSavers: What You Need to Know

CalSavers is a state program for private sector workers whose employers do not offer a retirement program. Now, there is a big compliance deadline on June 30, 2022 for employers with five or more employees. 

What do you need to know?

If your business already has a retirement program in place, you are required to register for an exemption. However, if you do not have a retirement program in place you are required to register with CalSavers.

You are also required to assist in the facilitation of payroll deductions for employees who choose to use the CalSavers program.

There are quite a number of steps to follow to comply with this deadline, and maintenance of CalSavers is an ongoing process.

Importantly, this reminder provides merely a brief overview of the extensive CalSavers process. If you would like to know how FLORES can further assist your business in complying with the June 30, 2022 deadline, please contact us at 619-588-2411. FLORES has a dedicated HR & Payroll team, and we are committed to assisting our valued clients.