In 2016, the California Legislature passed a bill that laid the foundation for a state-run retirement plan, and in 2018, the final governing regulations were adopted. Eligible employers can begin to register for the CalSavers Retirement Savings Program (CalSavers) on July 1. CalSavers is a retirement savings program for private-sector workers whose employers don’t offer […]
California employers that don’t already offer a workplace retirement savings vehicle will be required to either begin offering one via private market or provide their employees access to CalSavers, a state-run retirement savings plan, as early as June 2020. The CalSavers pilot program is open for employers to enroll; however, mandatory enrollment and contributions don’t […]
More than half of all U.S. workers (53 percent) over the age of 60 say they are postponing retirement, according to a recent CareerBuilder survey. Two in five workers (40 percent) don’t think they’ll be able to retire until 70 years of age or older. Financial uncertainty usually tops the list of reasons why workers […]
Draft regulations for the new state-run retirement savings program, Secure Choice, leave out critical instructions to help employers understand their obligations, the California Chamber of Commerce explained during a recent workshop in Sacramento. The regulatory process is intended to create accountability for the agency and transparency to the public. The absence of those instructions will […]
The Internal Revenue Service (IRS) announced cost of living adjustments affecting 401(k) pension plans and other retirement-related items for tax year 2018 — including an increase in the amount employees can contribute to their 401(k) plans. Some pension plan limitations, including those governing 401(k) plans, changed this year because the increase in the cost-of-living index met […]
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