If you work for a small business in California, time is running out for your employer to set up a retirement savings plan.
By June 30, all businesses and nonprofits with five or more employees in the state must either offer their adult workers a “qualified” retirement plan (such as a pension with defined benefits or a 401[k] plan) or sign up for the state-run CalSavers Retirement Savings Program. CalSavers offers workers individual retirement accounts at no charge to their employers.
Larger companies already have to comply with the mandate, and the state has begun penalizing the ones that don’t. Employers with 50 or fewer workers in California are the last group to face the requirement to offer retirement benefits or sign up for CalSavers.
There are a growing number of 401(k)s, auto-enrollment IRAs and other qualified retirement plans designed for small businesses, but the vast majority of these employers do not offer one. Almost half of the people working in the private sector in the U.S. are employed by small businesses, according to the Small Business Administration. And of that group, only a thin slice — about 10% — have a retirement savings plan at work, said Kristen Carlisle, a general manager of the financial services firm Betterment.
Yes, you can set up an IRA without the help of your employer. But too few people do, and as a result, most families have little or no retirement savings, according to the Economic Policy Institute. The situation, said Jeff Schulte of...
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