CalSavers
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The next deadline to meet CalSavers requirements is June 30, 2022
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Certain aspects of CalSavers may provide positive benefits to employees only, but there are alternatives that may prove more beneficial to both employees and employers with greater efficiency
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What is CalSavers?
The State of California created CalSavers to ensure that all Californians have access to a workplace retirement savings program by providing a simple, portable, low-cost way for workers to invest in their futures.
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CalSavers is a required retirement progam (payroll-deducted Roth IRA) that all
Challenges of CalSavers
We found that many aspects of CalSavers adds complexity, administrative burden and indirect costs to small businesses. Some of the areas that a BOLT retirement plan can improve are:
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Eligibility: you can control who and when an employee is able to participant in the plan. You can have the option of auto-enrollment but are not forced to like in CalSavers.
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Enrollment: you can control when eligible employees can enter the plan.
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Payroll Integration: in most instances, you can integrate your payroll data with a 401(k) provider elinimating the need to manually enter employee data and amounts being contributed to their accounts.
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