Retirement Savings Program
CalSavers is coming soon. Visit www.calsavers.com
The CalSavers Retirement Savings Program will launch with a pilot program November, 2018. CalSavers will open to all eligible employers beginning July 1, 2019.
The most ambitious push to expand retirement security since the passage of Social Security in the 1930s became a reality on September 29, 2016 when Governor Jerry Brown signed Senate Bill 1234, championed by Senator Kevin de León. The CalSavers program will ensure nearly all Californians have access to a workplace retirement savings program. CalSavers offers employees a completely voluntary, low cost, portable retirement savings vehicle with professionally managed investments and oversight from a public, transparent board of directors.
CalSavers provides employees a retirement savings program without the administrative complexity, fees, or fiduciary liability of existing options for employers. Any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle will be required to either begin offering one via the private market or provide their employees access to CalSavers. After CalSavers opens for enrollment, covered employers can register for CalSavers at any time and will be required to comply by the following deadlines:
|Size of business||Deadline|
|100< employees||June 30, 2020|
|50< employees||June 30, 2021|
|5+ employees||June 30, 2022|
Ensure all Californians have a path to financial security in retirement by providing a simple, portable, low-cost way for workers to invest in their futures.