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September 24, 2019

California’s New Private Sector Retirement Solution “CalSavers” Officially Opens

CalSavers is a California state sponsored retirement program which encourages employees to save for retirement without burdening employers with administrative complexity, fees, or fiduciary liability of existing options. This program was initially designed to close the retirement coverage gap by limiting the amount of California workers without access to a retirement savings plan. Employees can opt in or out of the program at any time, and the account remains with them even after changing employers.

Any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle is required to either (i) begin offering one via the private market or (ii) provide their employees access to CalSavers. Employers subject to the mandate can register for CalSavers at any time and will be required to comply pursuant to the following deadlines:

Size of Business

     Deadline for Compliance

100< employees

     June 30, 2020

50< employees

     June 30, 2021

5+ employees

     June 30, 2022

 

Western Growers RSP plan

Western Growers offers a retirement solution for employers of all sizes. There are currently 28 member companies with over a thousand individual participants in the Western Growers RSP plan. If you feel that the CalSavers plan is not the right fit for your employees and you currently lack a retirement solution, please contact Chris Oerman at (949) 379-3869  to learn more about the Western Growers RSP plan and if it is a good fit for your business and employees.