• California Secure Choice Retirement Savings Program

    SB 1234 Deadlines for Employers

    California now requires opt-out private retirement accounts

    SB 1234 established the California Secure Choice Retirement Savings Program. 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 provide their employees access to CalSavers. The program allows employees to voluntarily contribute to their own private retirement account, administered by the state. The program is now called CalSavers. Employers will be required to offer the program to employees, and be the conduit for payments to be deducted from payroll. While employers have no fiduciary liability, nor are responsible for the employee’s decision to participate in, or opt out of the program, it may be impose a significant burden for employers.


    The Pilot program launched in November of 2018, with 50 companies voluntarily participating. The program deadline dates for employers to register and participate are as follows:
    • Over 100 employees, June 30, 2020
    • Over 50 employees, June 30, 2021
    • 5 or more employees, June 30, 2022
    Visit this site to learn more: CA Treasurer

Comments are closed.