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What is CalSavers?
CalSavers is a retirement savings program for private sector employees in California who don’t have a qualified retirement plan offered by their employer.

What do I need to do?
If you are an employer with 1-4 employees, you will need to register with CalSavers by December 31, 2025, UNLESS you participate in another retirement plan. Therefore, now is a good time for employers to explore their options as it relates to retirement plans.

What is a qualified retirement plan?
There are many plans that can be implemented to avoid the need to register for CalSavers. Some of the most common include 401(k) plans, 401(a) plans, SEPs, Simple IRAs, etc.

Penalties for Noncompliance
Employers are obligated to register with the CalSavers program. Failure to register or maintain current employee rosters and facilitate payroll contributions may result in penalties. If you receive a penalty collection notice, it is crucial to contact CalSavers as soon as possible to ensure compliance.

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