Berry & Fritzinger Law, P.C.
Berry & Fritzinger Law, P.C.
  • Home
  • Who We Are
    • David W. Berry
    • Elizabeth A. Fritzinger
    • William R. LaBarge
    • Our Philosophy
    • Our Community Involvement
  • What We Do
    • Business & Corporate Law
    • Employment & Labor Law
    • Construction Law
    • Real Estate Law
    • Financial Elder Abuse Law
    • Trust & Estate Law
  • What’s New
  • Careers
  • Contact
    • Home
    • Who We Are
      • David W. Berry
      • Elizabeth A. Fritzinger
      • William R. LaBarge
      • Our Philosophy
      • Our Community Involvement
    • What We Do
      • Business & Corporate Law
      • Employment & Labor Law
      • Construction Law
      • Real Estate Law
      • Financial Elder Abuse Law
      • Trust & Estate Law
    • What’s New
    • Careers
    • Contact
June 25, 2019

California Mandates Certain Employers to Enroll in State Sponsored Retirement Program

Employment & Labor Law
California mandates employers must enroll in certain retirement programs.

If employers of a certain size do not currently offer their employees a way to save and invest for retirement, then California will soon require these employers to enroll in CalSavers, a state-sponsored retirement program. CalSavers is free for employers and CalSavers takes responsibility for choosing the mutual funds. The CalSavers’ website states in part that from beginning to end the employer’s sign up process generally takes 30 minutes. After an employer signs up, the employer remits employee payroll contributions to CalSavers each pay period. Employees are automatically enrolled in a post tax Roth individual retirement account; however, a pretax IRA will be available later in the year. 5% of the worker’s paycheck is automatically deducted, increasing by 1% each year and it caps at 8%. Employees are allowed to opt out or change the amount that he or she saves. Employers are not allowed to match contributions.

If employers of a certain size do not currently offer their employees a way to save and invest for retirement, then California mandates that certain employers enroll in CalSavers, a state-sponsored retirement program. Employers with 100 workers have until June 30, 2020 to comply. Employers with 50 or more employees have until June 30, 2021 to comply and employers with 5 or more employees must enroll by June 30, 2022.

If you have a question or want to discuss any employment issues, please feel free to give Elizabeth Fritzinger a call.

Tags: CalSaversretirement programstate-sponsored
  • Previous If There is Smoke in the Air, Then Employers Better Be Aware

Recent Posts

Employment Law Update for 2023
2023 California Employment Law Update January 19, 2023
2022 Employment Law updates at Berry & Fritzinger Law, P.C. in Santa Rosa, Ca.
2022 California Employment Law Update February 2, 2022
CARES Act and the Paycheck Protection Program March 31, 2020
COVID-19: DOL Provides Answers to Questions About Federal Paid Sick and Family Leave Laws March 30, 2020

Categories

  • Employment & Labor Law

Archives

  • January 2023
  • February 2022
  • March 2020
  • January 2020
  • October 2019
  • September 2019
  • August 2019
  • June 2019
Barry & Fritzinger Law

Subscribe to Our Newsletter

Contact Us

  • 3550 Round Barn Blvd., Suite 312, Santa Rosa, CA 95403
  • (707) 800-0550
  • info@berryfritzlaw.com
  • Mon – Fri: 8:30am - 5:00pm

Latest News

Employment Law Update for 2023
2023 California Employment Law Update January 19, 2023
2022 Employment Law updates at Berry & Fritzinger Law, P.C. in Santa Rosa, Ca.
2022 California Employment Law Update February 2, 2022
CARES Act and the Paycheck Protection Program March 31, 2020

Berry & Fritzinger, P.C. © 2023 All Rights Reserved Privacy | Disclaimer