California’s new retirement savings program opens on July 1st. Employers that do not already offer an employer sponsored retirement plan will be required to participate. While employers can enroll at any time, requirements to do so will be phased-in. Employers with more than 100 employees must join or implement their own plan by June 30, 2020. Employers with more than 50 employees will be required to participate by June 30. 2021. Followed by a June 30, 2022 deadline for all employers with more than 5 employees.
Employers will not be required to contribute to or pay for the administration of the plan. Your participation will include reporting employees to the CalSavers program, facilitating employee contributions by payroll deductions, and submitting those payments.
More information can be found at: https://www.calsavers.com/
California joins Oregon in creating a state sponsored retirement savings program. Information on Oregon Saves can be found at: https://www.oregonsaves.com/
As we receive more information on reporting requirements, Datatech will look at additional program features to assist customers. Any requests or comments can be submitted to us via the support email, support@datatechag.com.