CalSavers Compliance and Deadline Update

Act Now: Avoid Penalties and Secure Your Employees' Future with CalSavers
 
Time is running out to comply with California's CalSavers Retirement Savings Program, and failure to act could cost you. The mandate creates a legal requirement and many employers with an average of five or more employees are past their deadline to register or certify an exemption. The Program is open for employers with as few as one employee and soon it will be required for them as well – if they do not offer a qualified retirement plan. Immediate action is required to avoid penalties that start at $250 per employee and escalate to $750 per employee for continued non-compliance.
 
Don't mistake this as merely a legal obligation; it's a golden opportunity to support your employees' financial future without any out-of-pocket cost to you or fiduciary liability. CalSavers is designed to be low-hassle for employers, requiring no employer match and offering a streamlined facilitation process. CalSavers provides an array of free resources including webinars, materials for employees, and a dedicated support team, to guide you through every step of compliance.
 
The clock is ticking, and the financial stakes are high. If you haven't yet complied with the California mandate requiring that you join CalSavers if you do not offer a retirement plan to your employees, you're not just risking penalties; you're missing an opportunity to support your employees' long-term financial well-being. If you receive a penalty notice for non-compliance with CalSavers, contact CalSavers right away. Once you are in compliance the penalty may no longer apply—but the key is to act before it’s too late.
 
Resources:
CalSavers Website

Employer Client Service Line 855-650-6916
  • M-F from 8am-8pm PT
  • Multilingual support available
Field Support (fieldsupport@calsavers.com)
  • One-on-one support setting up the program.
  • Employee educational session