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Next CalSavers Deadline Approaching

Government Affairs

The next deadline for registering with CalSavers, the state-run retirement plan for employees in California whose employers do not offer a retirement plan, is less than two months away. Employers with 50 or more employees have until June 30, 2021 to register.

“As the California economy recovers and businesses reopen, there is a renewed focus on what it takes to build long-term financial resilience,” said California State Treasurer Fiona Ma, who also chairs the CalSavers Retirement Savings Board, in a press release.

The California Secure Choice Retirement Savings Investment Board had extended the deadline by which employers with 100 or more employees were to register with CalSavers from June 30, 2020 to Sept. 30, 2020 due to the pandemic. It has not similarly extended the deadline for the next tier, employers with 50 or more employees. Employers with five or more employees still have until June 30, 2022 to register.

Even though deadlines have been set, eligible employers can register with CalSavers at any time before that date. Employers that fail to register by their deadline will face penalties of $250 per employee and additional penalties for continued noncompliance.