The next deadline to meet CalSavers requirements is June 30, 2022
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
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.
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:
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.
Enrollment: you can control when eligible employees can enter the plan.
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.