The State of California now requires businesses with five or more employees to either offer an employee retirement plan or participate in the CalSavers Retirement Savings Program by June 30, 2022. CalSavers is a state-based payroll withholding savings program using Roth (post-tax) individual retirement accounts. All employers with five or more employees must either register with CalSavers or offer a qualifying retirement plan.
The CalSavers program has been rolled out in phases, and the state is already issuing penalty notices to businesses that missed the earlier deadlines or failed to allow eligible employees to participate in the retirement savings program. The penalties are significant:
Eligible employers must register with the program via the program website (employer.CalSavers.com) or by calling 855-650-6916.
Employers have the following options:
We can work with you to determine the best retirement solutions to fit your needs. Please contact us at 858.481.7702 for further assistance.
Receive Free financial tips & Tax Alerts!
"*" indicates required fields
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you…
When managing a business, KPIs can help provide insight into the business’s current health and past health. But what if you could use the data available to predict what KPIs…
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months…