CA Senate Bill 1234 mandates that all employers offer a retirement plan to their employees or join the CalSavers plan.  Not doing so will result in fines.  The previous deadline for employers with 100+ employees was September 2020. The current deadline for employers with 50+ employees is June 2021 or 5+ employees is June 2022. Part-time employees are included.

 

CalSavers penalties are high for not establishing a plan by the deadline – up-to-$250 per employee after 90 days of being served notice, which increases to $500 per employee after 180 days. Penalties do not apply to employers already offering an employer-sponsored retirement plan like a 401(k).

 

Given that your employer clients and perhaps your own agency must comply, SDAHU and CPS Insurance Services are pleased to share information about CalSavers, Allowable Exemptions, and Solutions for Your Clients. 

 

Learn how to free your clients from the state requirement and chart their own futures, while getting paid in the process.