California law requires that employers doing business in California that do not offer a 401(k) plan must register under the CalSavers Retirement Program (the “CalSavers Program” or “Program”) and provide employee census information in order for CalSavers to automatically enroll eligible employees in a retirement savings program. By June 30, 2022, all employers with five or more employees must comply.
CalSavers gives employees the opportunity to have the employer direct contributions into an IRA account maintained by California. The employer will be directed to automatically deduct these contributions from the employee’s earnings and remit them to the CalSavers Program. Contributions are made on an after-tax basis to a Roth IRA, which is administered by the State of California.
An eligible employer for purposes of the CalSavers Program is any person or entity (other than the federal government, the State of California or any county, municipal corporation or any units or instrumentalities of the state)), whether for profit or not, (1) who is engaged in “a business, industry, profession, trade or other enterprise” in California, and (2) who employs at least five California employees, with at least one of the five employees being an eligible employee. This would include various sole proprietors and self-employed individuals.
Generally, an “eligible employee” is an employee who is at least 18 years in age, has the status of an employee under the...
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