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Economic Development Collaborative (EDC) — New Retirement Savings Requirement for Small Businesses

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NEW RETIREMENT SAVINGS REQUIREMENT FOR SMALL BUSINESSES
Did you know that any employer with at least five California-based employees, at least one of whom is age eighteen, that doesn’t already offer a workplace retirement savings vehicle will be required by state law to do so by June 30, 2022?
Businesses can either begin offering retirement savings through the private market or through CalSavers!
The CalSavers program ensures nearly all Californians have access to a workplace retirement savings program by offering employees a completely voluntary, low cost, portable retirement savings vehicle with professionally managed investments and oversight from a public, transparent board of directors, chaired by the California State Treasurer.
Eligible employers can register for CalSavers at any time and will be required to comply by June 30, 2022. CalSavers is a completely voluntary retirement program for employees. Savers can participate through their employer or on their own. Savers may choose their contribution rate, change their investments, or opt out (and opt back in) at any time or savers can stick with the standard account settings.
CLICK HERE for more information on the CalSavers program.
Additional Information and Resources
  • California Retirement Savings Board website CLICK HERE
  • Watch a brief overview about CalSavers CLICK HERE
  • Call 805.409.9159 for EDC SBDC NO-COST business consulting!
Looking for NO-COST Business Consulting Services?
The EDC SBDC call team and experienced advisors are available to answer questions and help you navigate today’s complex business environment. The Economic Development Collaborative hosts the Small Business Development Center and is funded in part through a cooperative agreement with the U.S. Small Business Administration. Signing up as a client takes just a few minutes and provides you with lifetime access to all of our no-cost services.
Get started today with no-cost consulting by calling our
Business Assistance Line at 805.409.9159.
Resources and advising are available in English and Spanish.
Access our Loan Program by calling 805.409.9497.
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