Fisher 401(k) Solutions Reviews CalSavers and How Could it Affect Your Business?

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A woman dressed in a blazer speaks to the camera. A flyout in the lower left corner identifies her as Kimberly Ellis, Retirement Plan Specialist

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Female Voice: Are you a California business Owner? If so, your business might be at risk for penalties and fees if you don’t currently provide a retirement plan for your employees.

My name is Kimberly Ellis and I help California business owners avoid penalties and fees by complying with the CalSavers Programs.

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A common question I get from business owners is what is the Calsavers program?

CalSavers is a law mandating all California business owners with 5 or more employees to provide a retirement plan for their employees.

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The next question we often gets is when is the deadline? The CalSavers deadline is phased and the deadline has actually already passed for business with 50 or more employees.

That means that if you are a California business owner with more than 50 employees you are already at risk of fees and penalties from the state of California if you don’t already offer a retirement plan today.

For businesses with 5 or more employees the deadline is fast approaching. The deadline is June of 2022.

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Businesses who miss the deadline can be subject to a fee of up to $750 dollars per employee. In order to avoid this fee California business owners need to provide a retirement plan for their employees. A 401(k) for example.

The state of California offers a state-run IRA as well however, the state-run plan is not as flexible as a 401(k) plan.

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The state-run plan also doesn’t provide the same tax benefits that a 401(k) plan does.

Because there are multiple options in order to comply with this mandate it’s very important for California business owners to understand the options as well as the pros and cons of each when it comes to setting up a retirement plan.

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At Fisher Investments, we specialize in retirement plans which means we have the expertise to help business owners set up retirement plans to avoid Calsavers fees and penalties.

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Fisher Investment 401(k) Solutions logo fades on to the screen.

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Fisher Investments. Investing in securities involves the risk of loss. Intended for use by employers and their consultants, considering or sponsoring retirement.

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