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CA Employers Must Have Retirement Plans for Employees by June 30

By June 30, 2022, any California business owners with five or more employees are required to have a retirement plan for their employees. California businesses with five or more employees must comply with the statewide mandate and offer a retirement plan to their employees by the deadline. Businesses can either go through a private-market option, like a 401(k), or through the state-run CalSavers program. If any California business owners do not provide a retirement plan for their employees by June 30, there will be a penalty of $250 for each employee. Penalties will increase if initial penalties are not addressed.
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