Free webinar planned regarding CalSavers program

Jun. 18—Businesses in California that don't offer employer-sponsored retirement plans will soon be required to participate in a new state-sponsored program or face fines. A free webinar is being offered next week that will provide Yuba-Sutter business owners information about the program and important deadlines.

CalSavers is the state's retirement savings program designed for the millions of Californians who lack a way to save for retirement at their job, said Marni Sanders, CEO of the Yuba-Sutter Chamber of Commerce. The chamber is partnering with the Yuba-Sutter Farm Bureau and Core Financial Group on the event.

"The webinar will give participants an overview of the program with an opportunity to ask questions," Sanders said. "This will eventually affect all businesses with five or more employees."

Passed by legislators in 2016, CalSavers requires employers who do not offer an employer-sponsored plan and have five or more employees to facilitate the program, which involves an automatic enrollment in an individual retirement account (IRA) with no employer fees or fiduciary liability. The program is professionally managed by private sector financial firms with oversight from a public board chaired by the State Treasurer.

"California's new mandate is phased in over three years, with deadlines based on employer size," Sanders said. "The registration deadline for employers with more than 100 employees passed on Sept. 30, 2020 and the deadline for employers with 51-100 employees is June 30, 2021. Employers with 5 or more employees have until June 30, 2022, but are encouraged to register early."

The free webinar is planned for June 23 at 9 a.m. For more information, contact Jacki Lee at 743-6501 or visit https://bit.ly/3daHtxB.

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