A Guide To CalSavers Compliance As Deadline Approaches

Jordon Ferguson and Wesley Gonzales (both of Los Angeles) co-authored an article featured as an “Expert Analysis” in Law360. The article examines the key details of California's new retirement savings program, CalSavers, which is set to complete its final implementation phase after nearly four years since the program's launch. The authors note while complying with the CalSavers program is straightforward, prudent employers will want to use best practices as they enroll to avoid any sort of violation and maintain compliance.

“Since the launch of CalSavers' pilot phase in November 2018, employers have been gradually required to comply with the California law — the first wave comprising businesses with over 100 employees, followed by businesses with over 50 employees,” said Ferguson and Gonzales. “Now, employers with five or more employees — when at least one of them is 18 or older — must register for CalSavers or sponsor another qualified retirement plan by the end of June 2022.”

Read Ferguson and Gonzales’ full article on Law360 (subscription may be required).