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CalSavers for Employers – Oxnard
August 21, 2019 @ 8:00 am - 10:00 amFree
CalSavers is HERE! As an employer, do you know what to do next?
Here are some important points we will be discussing at this session:
TIME & RESOURCES
In addition to registering, employers will be responsible for providing basic employee roster information to the Program for eligible employees. (The information must include the employee’s name, Social Security Number or Tax Identification Number and contact information). Employers are also responsible for facilitating by payroll deductions the appropriate contributions each pay cycle. Once the employer has provided CalSavers with their employee roster information, the Program contacts employees directly to make them aware of the Program and provide the opt-out method. If an eligible employee takes no action within thirty (30) days, they will be automatically enrolled in the Program.
Once your company is registered, you will be required to do the following:
- Communicate to all employees about the CalSavers program
- Obtain and provide an email address and contact information of every employee so they can go online to opt in or out. (If the employee does not log in to opt out of the program, they will automatically be opted in and 5% of their paycheck will be deducted.
- Provide SSN/Tax ID numbers and personal contact information for all employees to the State of California
- Manage the opt-in/opt-outs of all employees in your payroll system
- Report contribution amounts for each employee to the State with each payroll cycle
- Manage this process for each new hire. Employers are also responsible to add new eligible employees to the Program within thirty (30) days of their date of hire or date of eligibility.
- Keep all documentation
COSTS & PENALTIES
Per Unemployment Code Section 1088.9(c), each eligible employer that, without good cause, fails to allow its eligible employees to participate in CalSavers, on or before ninety (90) days after service of notice of its failure to comply, shall pay a penalty of $250 per eligible employee if noncompliance extends 90 days or more after the notice, and if found to be in noncompliance one-hundred and eighty (190) days or more after the notice, an additional penalty of $500 per eligible employee.
- The CalSaver program does not cost you as the employer anything to register for the program
- The time and resources it will take to implement and manage the program will be your main cost for being a part of the program
WHAT OPTIONS DO YOU HAVE?
In this session, we will provide you with the information you need to compare your options.
- Will it make more sense for your company to avoid being part of the CalSavers Program by offering a retirement option to your employees?
- If you decide to register for the program, how to take the steps necessary to make sure you comply and implement to avoid risks and penalties.
Beginning July 2019, California will offer employees of employers with five or more employees and do not have an employer-sponsored retirement plan, the opportunity to enroll in CalSavers.
California employers are required to facilitate CalSavers by registering. Registration requirements are staggered based on employer size; however, all eligible employers can join at any time prior to their registration deadline. The deadlines are as follows:
More than 100 employees: June 30, 2020
More than 50 employees: June 30, 2021
Five (5) or more employees: June 30, 2022
Registration begins July 1, 2019. In order to register, the employer will need:
1) Federal Employer Identification or Tax Identification Number (EIN/TIN)
2) California Employer Payroll Tax Account Number
3) CalSavers access code from your notification