Free webinar scheduled on the CalSavers program
June 18 – California businesses that do not offer an employer-sponsored retirement plan will soon have to participate in a new state-sponsored program or face fines. A free webinar is being offered next week and will provide Yuba-Sutter business owners with information on the program and important deadlines.
CalSavers is the state’s retirement savings program designed for the millions of Californians who have no way to save for retirement at work, said Marni Sanders, CEO of the Yuba-Sutter Chamber of Commerce . The chamber is partnering with the Yuba-Sutter Farm Bureau and the Core Financial Group for this event.
“The webinar will give attendees an overview of the program with the opportunity to ask questions,” said Sanders. “This will ultimately affect all businesses with five or more employees. “
Passed by lawmakers in 2016, CalSavers requires employers who do not offer an employer-sponsored plan and have five or more employees to facilitate the program, which involves automatic enrollment in an Individual Retirement Account (IRA) at no cost to the employer or fiduciary responsibility. The program is professionally managed by private sector finance companies under the supervision of a public council chaired by the state treasurer.
“California’s new term is for three years, with timelines based on the size of the employer,” Sanders said. “The registration deadline for employers with more than 100 employees has passed September 30, 2020 and the deadline for employers with 51 to 100 employees is June 30, 2021. Employers with 5 or more employees have until June 30, 2022, but are encouraged to register early. “
The free webinar is scheduled for June 23 at 9 a.m. For more information, contact Jacki Lee at 743-6501 or visit https://bit.ly/3daHtxB.