The Internal Revenue Service (IRS) released guidance on cost-of-living adjustments affecting contributions to 401(k) plans and other retirement-related items for 2020 because the increase in the cost-of-living index met the statutory thresholds, triggering their adjustment. However, one key limit remains unchanged. The elective deferral (contribution) limit for employees who participate in 401(k) and 403(b) plans increased […]
In today’s modern workforce, it’s not uncommon to find employees from a number of generations in a single company. In this episode of The Workplace, CalChamber Executive Vice President and General Counsel Erika Frank talks with employment law expert Jennifer Shaw about the pitfalls of age-based stereotyping, succession planning and mandatory retirement. ‘Stereotypes on Both […]
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 […]
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