The CalSavers retirement savings program was first signed into law in 2016 for private sector workers whose employers do not already offer a retirement plan. Employers who already offer a retirement plan are exempt from this requirement.
Employers with five or more California employees will be required to either provide a retirement plan for their workers or register for CalSavers. June 30, 2022 is the registration deadline. Employers that fail to comply with the program requirements will be subject to a $250 per‑employee penalty assessed by the Franchise Tax Board, which will increase to $500 per employee if the employer does not comply within 180 days.