CalSavers Registration Deadline for Employers with 50 or more EmployeesJune 28, 2021
The California Secure Choice Program (CalSavers) is a retirement savings program that will be for employers that do not already offer a retirement savings plan. Continue reading for more details.
At a Glance
- Employers with 50 or more employees, must register with CalSavers by June 30
- Visit CalSavers.com for more information on how to register.
The California Secure Choice Program (CalSavers) is a retirement savings program that will be for employers that do not already offer a retirement savings plan. This program allows employees to save for retirement through payroll deductions.
The CalSavers accounts will be owned by the individual participants and be portable from employer to employer. The accounts will be managed by a private investment company selected by the state of California.
Employers that become eligible after July 1, 2019, will need to register with the program according to the dates below or within 24 months, whichever is later:
- September 30, 2020 - Eligible employers employing 100+ employees
- June 30, 2021 - Eligible employers employing 50+ employees
- June 30, 2022 - All other eligible employers In June 2020, California passed legislation that amends the CalSavers law.
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This information is provided as a courtesy, may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.