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California rolls out state retirement savings program

July 10, 2019 / Jennifer Carsen

California officially launched the CalSavers retirement program on July 1; the program provides employees access to retirement savings accounts without the administrative complexity, fees, or fiduciary liability of existing employer options, according to the California State Treasurer website. Any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle will be required to either begin offering one via the private market, or to provide its employees access to CalSavers. CalSavers will be operated solely through administrative fees. Eligible employers can register for CalSavers at any time and are required to comply by the following dates: June 30, 2020 for employers with over 100 employees; June 30, 2021 for employers with over 50 employees; and June 30, 2022 for employers with five or more employees.