An estimated 7.5 million California workers soon will have access to workplace retirement savings.
That’s due to CalSavers, the Golden State’s automatic individual retirement account enrollment plan, which officially begins on Monday. The program was established after the state required employers with five or more employees to either join CalSavers or begin offering a private plan.
Over the next several years, employers will face rolling deadlines to register with CalSavers in order to comply. The first is for businesses with more than 100 employees, which have a deadline of June 30, 2020. The deadline for entities with five or more employees is June 30, 2022.
The truth is, you may or may not need to replace all of your current income to retire early.
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But all businesses can register starting today.
“They don’t have to wait until their deadline or deadline year to begin their participation,” said Katie Selenski, executive director of the CalSavers Retirement…
