If you've read our blog post on the CalSavers program, you may be wondering about the retirement plan you currently offer to your employees. In this article, we will outline the kinds of retirement plans that exempt you from enrolling in the CalSavers program.

A Little Recap

California state law requires employers to either offer their own retirement plan or register to facilitate CalSavers. If you have at least five California-based employees, at least one of whom is age eighteen, and don't sponsor a qualified retirement plan, your business is required to register for CalSavers.

Below, we will outline these qualified retirement plans.

Qualified Retirement Plans

• 401(a) – Qualified Plan (including profit-sharing plans and defined benefit plans)
• 401(k) plans (including multiple employer plans or pooled employer plans)
• 403(a) - Qualified Annuity Plan or 403(b) Tax-Sheltered Annuity Plan
• 408(k) - Simplified Employee Pension (SEP) plans
• 408(p) - Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA Plan
• Payroll deduction IRAs with automatic enrollment

Still not sure if your businesses will need to register with CalSavers come June 30, 2022? Click here to schedule an appointment with one of Gold Standard's seasoned bookkeepers!

Contact us: 
[email protected] | CA (760) 888-6247 | NY (845) 237-4060

Copyright © Gold Standard Tax & Accounting. All Rights Reserved.