CalSavers, the state-run retirement plan for private-sector employees in the Golden State whose employers do not offer a retirement plan, was formally launched on July 1. State Treasurer Fiona Ma and former Sen. Kevin de León (D) launched CalSavers at a ceremony at the State Treasurer’s Office. De León, the former State Senate President Pro Tem, introduced the legislation that created CalSavers.
Employers with five or more employees that do not offer a retirement plan must either begin offering a qualified plan from the private market or register for CalSavers by staggered deadlines over the next three years. Any employer may register beginning July 1, 2019.
The deadlines for employers to register with CalSavers are as follows:
|Employer Size||Registration Deadline|
|More than 100 employees||June 30, 2020|
|More than 50 employees||June 30, 2021|
|Five or more employees||June 30, 2022|
The pilot for CalSavers was formally launched on Nov. 19, 2018. July 1, 2019 is the first day that employers can begin signing up; CalSavers estimates that 250,000 can do so in the first wave of employers.