CalSavers Retirement Savings Program
As we enter the fall season, we want to update you on our big initiative we have moving at CalSavers that will affect your members and communities – and, as always, offer an invitation.
At the end of September we finished the first phase of compliance communications to employers who are out of compliance with CalSavers’ rules – meaning anyone who has not started facilitating retirement saving contributions for their employees via CalSavers or signed up for a qualified private plan. We delivered three due process notices to those employers, and are now sending the lists of the remaining non-compliant employers to the Franchise Tax Board for collection. Those collection notices are hitting mailboxes this week, and through the end of October.
Employers must take immediate action or pay a $250-per employee penalty, which increases to $750 for continued non-compliance.
If any of your employer members reach out to you with questions or expressing concern, please refer them to our employer service team at (855) 650 – 6916. They should not make any payments to FTB without contacting us first. We would rather get them into compliance. My team and I are also standing by to answer your questions and engage with stakeholders in your network.
As a reminder, this enforcement work will be an ongoing, annual cycle. This year’s batch of newly eligible employers will begin receiving their 90-day notices this month advising them of their deadline to register with CalSavers or report an exemption by December 31, 2023.
We see a big opportunity and necessity for us to work together on communication and education events for your members. We would love to work with you on dedicated webinars or other activities that might make sense for your membership.
Please follow this link for a sample newsletter that you can send as an eblast to your members.
Please reach out to Carolina Hernandez or I, Jonathan Herrera, to get something on the books. Our schedule through the end of the year is beginning to fill up.
Thank you for your engagement! We are looking forward to our continued work together.
CalSavers Outreach Team
CalSavers Retirement Savings Board
Post Office Box 942809
Sacramento, CA 94209-0001