Getting California on Track for Retirement

Starting in July 2019, California began offering an estimated 7 million workers in California the opportunity to contribute to an Individual Retirement Account (IRA) and get on track for their futures.

CalSavers Retirement Savings Program was designed to give employers an easy way to help their employees save for retirement, with no employer fees, no fiduciary responsibility, and minimal ongoing responsibilities.

Employers with at least five employees, who don’t already offer a workplace retirement plan, can register for CalSavers today and must be registered by their required deadline.

What you need to know

  • Registering your business is easy
  • There are no fees for employers
  • Employers serve a limited role: facilitate the program and submit participating employees’ contributions via simple payroll deduction
  • Employers cannot make contributions to employee accounts

What your employees need to know

  • Their CalSavers account is a Roth IRA (after tax)
  • The default savings rate is 5% of gross pay, and employees can change their rate at any time
  • Employees will be auto enrolled after 30 days if they do not opt out and will begin saving through payroll contributions
  • They can opt out and back in at any time

Employers can register now

State law requires that California employers, who don’t already offer an employer-sponsored retirement plan and who have five or more employees, either sponsor a retirement plan or participate in CalSavers. The three-year phased rollout will include staggered deadlines for registration based on employer size. All eligible employers are encouraged to join at any time prior to their registration deadline.


Registration Deadline

More than 100 employees

June 30, 2020

More than 50 employees

June 30, 2021

5 or more employees

June 30, 2022

If you have any questions regarding the CalSavers Retirement Savings Program like how this affects you and your business, please reach out to our Big Fish support team. We will happily answer your call before the 2nd ring and help in any way possible.