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Bill Would Further Expand CalSavers

Legislation

A bill is before the California Senate that would expand CalSavers, the state-run retirement plan that provides coverage to those whose employers do not, to cover almost all employers in the Golden State.

SB 1126, introduced by Sen. Dave Cortese (D-Santa Clara), would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—the measure that establishes the CalSavers Retirement Savings Program and the CalSavers Retirement Savings Trust—from a person or entity that has at least five eligible employees to a person or entity that has at least one eligible employee and that satisfies the requirements to establish or participate in a payroll deposit retirement savings arrangement.

SB 1126 would not, however, expand the definition of “eligible employer” to include sole proprietorships, self-employed individuals, or other business entities that do not employ any individuals other than the owners of the business.

The Senate Labor, Public Employment and Retirement Committee approved the bill on April 27 in a 4-1 vote; it is now before the Senate Appropriations Committee.