The State of California recently launched the CalSavers Retirement Savings Program, which is a workplace retirement plan for all savers who do not already have one in place.
To assist companies facilitating CalSavers, California Payroll released its CalSavers-Connect service to help you. California Payroll will automatically submit the employee payroll deductions amounts to the State CalSavers program every pay period.
It is mandated that all California employers with five or more employees either offer a retirement savings vehicle or facilitate their employees’ access to CalSavers.
If an employer does have a qualifying retirement plan it does not have to participate. These employers may allow or choose not to allow the deduction and send the information to CalSavers.
If an employer does not already have retirement options available, California Payroll can help you set up CalSavers or any IRA retirement plan.