Ratified by the California State Legislature in 2016, new laws were enacted that require certain employers to provide retirement plan benefits for their employees.
What is CalSavers?
CalSavers is the name of a new law that requires that employers with at least five employees must soon offer an employer-sponsored retirement plan.
Who does it impact?
Every California employer must participate in CalSavers if it has:
- No retirement plan; and
- More than five full or part-time employees (with at least one employee in California).