Mandatory CalSavers Retirement Savings Program – Deadline Reminder

This is a reminder about the CalSavers Program, a new state-sponsored retirement savings program that applies to all employers in California with at least five (5) employees who do not already offer a workplace retirement plan.  This is an “automatic enrollment program,” so employers are required add their employees to the program and submit employees’ contributions through payroll deductions.

The first registration deadline for enrollment in California’s mandatory CalSavers Retirement Savings Program was September 30, 2020 for businesses with 100 or more employees. If you do not currently offer a workplace retirement plan, your company is subject to the mandatory CalSavers Program and you must register your employees immediately.

Upon registering with CalSavers, employers will receive information on how to manage their savings and investment options. Employees who do not want to participate in the program must contact CalSavers directly to opt out.  

Employers who fail to register for the CalSavers Program may be subject to fines if they do not register within 90 days after being served with a notice of noncompliance. 

Below are future deadlines by company size (based on the average number of employees you reported to the Employment Development Department on your previous four DE9C filings):

• Businesses with more than 50 employees: June 30, 2021 

• Businesses with more than 5 employees: June 30, 2022