What This Means for Employers
Who does this program apply to?
CalSavers applies to employers with five or more employees who do not offer an employer-sponsored retirement plan. Employers who fit this definition will be required to either offer an employer-sponsored retirement plan, or enable their employees to make a direct payroll contribution to the employee’s personal CalSavers account.
When would I need to register my business?
After CalSavers opens for enrollment, eligible employers can register for CalSavers at any time and will be required to comply by the following deadlines:
|Size of business||Deadline|
|Over 100 employees||June 30, 2020|
|Over 50 employees||June 30, 2021|
|Five or more employees||June 30, 2022|
What will employers have to do?
Participating employers will have limited administrative responsibilities. They would be required to:
- Register for CalSavers at: https://www.calsavers.com/home/employers.html
- Upload your employee roster to enable enrollment of employee.
- If applicable, designate payroll services provider to facilitate on your behalf.
- Transmit the payroll contribution to a third-party administrator to be determined by the Board.
- Employers will not have any liability for an employee’s decision to participate in, or opt out of, the Program;
- Employers will not have any liability for the investment decisions of participating employees;
- Employers will not be a fiduciary of the Program;
- Employers will not bear responsibility for the administration, investment performance, or the payment of benefits earned by participating employees;