CalSavers - Retirement Savings Program (formerly Secure Choice)
In 2016, Governor Brown signed Senate Bill 1234 requiring the state’s Secure Choice Retirement Savings Investment Board to begin development of a workplace retirement savings program, known as CalSavers, for private sector workers whose employers do not offer a retirement plan. The program is required to have minimal administrative requirements for employers and state law protects employers from any liability or fiduciary responsibilities. State law also requires the program to be exempt from the Employee Retirement Income Security Act.
The program launched a pilot initiative with a small group of participating employers in November 2018. Beginning in July 2019, all eligible employers can register for the program.
Employers with five or more employees will be required to either provide a retirement plan for their workers or register for CalSavers and facilitate employees’ contributions to Individual Retirement Accounts. Deadlines for compliance vary according to the size of the business.
|Size of Business||Deadline|
|Over 100 employees||June 30, 2020|
|Over 50 employees||June 30, 2021|
|5 or more employees||June 30, 2022|
For more information, visit CalSavers on the California State Treasurer’s website.