Quick Summary:
Dentist employers who have five to 50 employees and do not sponsor a retirement plan are already required by state law to enable CalSavers participation for their workers. Legislation signed into law in August newly requires employers with one to four employees to either establish a payroll-deposit retirement savings program or register their workers in CalSavers no later than December 2025. CalSavers participation is optional for employees, but employers must facilitate initial enrollment and any ongoing payroll contributions for them.
Soon, all California employers with at least one employee and no employer-sponsored retirement plan will be required to facilitate CalSavers enrollment for their workers, including new hires within 30 days of hiring.
Nearly all employers in California, including dental practice owners, who have five to 50 employees and do not sponsor a retirement plan are already required by state law to enable CalSavers participation for their workers. CalSavers is the state’s Roth IRA voluntary retirement savings program initiated in 2019 for workers who do not have access to a retirement plan at work.
The legislation signed into law in August by Gov. Gavin Newsom requires newly eligible employers with one to four employees to either establish a payroll-deposit retirement savings program or register their workers in CalSavers no later than Dec. 31, 2025, but employers can choose to start the enrollment process sooner as the program...
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