Let EP assist with your CalSavers employer-mandated program and ensure compliance.
CalSavers is a new California program designed to encourage employees to save for retirement.
Certain California employers are required by state law to facilitate CalSavers if they don’t offer an employer-sponsored retirement plan to any of their employees or are otherwise exempt.
CalSavers may impose a penalty of $250 per eligible employee if an eligible employer doesn’t have good cause for failing to allow its employees to participate. EP is here to help you with the CalSavers employer-mandated program, stay in compliance, and help your employees save for retirement.
- Get guidance on eligibility analysis for the program based on your payroll information.
- Get assistance on how to register with Ascensus (CalSavers’ third party administrator that handles the administration of the plan).
- Provide recommended communication templates for your employees.
- Send employee eligibility/demographic and contribution data via secure feed initially and for your ongoing new hires.
- Administer the required payroll deductions for your employees and include as a credit on your payroll invoice.
- Provide a weekly summary of remittance contribution amount for your employees.