10.15.2021 | Newsletters

Small Employers – Are You Ready for CalSavers? Large Employers – Are You Compliant?

The law establishing California’s automatic enrollment IRA program, known as CalSavers, applies now to employers with 50 or more employees who do not offer a retirement plan. The law will apply to employers with five or more employees who do not offer a retirement plan beginning in June 2022. Failure to comply subjects employers to penalties. CalSavers mandates that employers must automatically deduct 5% of an employee’s pay and contribute it to CalSavers.

For more detailed information, see the many articles on CalSavers in The Benefit of Benefits blog, courtesy of Murphy Austin’s Scott E. Galbreath or contact Scott at SGalbreath@murphyaustin.com.

Related practice team: Labor and Employment

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