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Secure Choice Private Retirement Program Begins

Wednesday, January 2, 2019  
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Secure Choice Private Retirement Program Begins

 

SB 1234-DeLeon-2016; established the California Secure Choice Retirement Savings Program. The state has gone through the process of establishing a Board and preparing to launch a pilot program. The program allows employees to voluntarily contribute to their own private retirement account, administered by the state. The program is now called CalSavers. Employers will be required to offer the program to employees, and be the conduit for payments to be deducted from payroll. While employers have no fiduciary liability, nor are responsible for the employee's decision to participate in, or opt out of the program; it will be a significant responsibility for employers to carry out.

 

The Pilot program launched in November of 2018, with 50 companies voluntarily participating.


The program deadline dates for employers to register and participate are as follows:

  • Over 100 employees, June 30, 2020
  • Over 50 employees, June 30, 2021
  • 5 or more employees, June 30, 2022

More information on the program can be found HERE.

 


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