CalSavers for Small Business

Accounting Articles

As a business owner, you may have received information about the California Cal Savers Retirement Program. Cal Savers is a new program that requires California employers to either enroll in the Cal Savers retirement program or offer an employer-sponsored retirement plan.

While Cal Savers is currently reaching out to businesses about its plan, small businesses with between 5 and 50 employees are not required to sign up until June 2022. Small businesses with 4 or fewer employees are exempt. The employees will have a Roth IRA account and the default rate of contribution from their paychecks will be 5%. Employees can adjust that amount or opt out. #CalSalvers #RothIRA

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