Ahh… The American Dream. To own your own business. In California if you do not comply with a new government code initiated back in 09/30/2020 and you employ one or more in your company you are mandated to provide a Retirement Savers Program. You can elect to do this on your own or to do this through the State of California. It is much like the Californai Marketplace for Healthcare for lack of a better description. If you do not provide a Retirement Program for employees to contribute to then you can be fined up to $250.00-$500.00 depending if you go past your 90 days after service of notice. I do not need to go on about this. Rather, read it for yourself by following the link below.
Just keep in mind you do have other options. If you want to consider other options please reach out to us so that we can put you in good hands.
Yes. Per Government Code Section 100033(b), each eligible employer that, without good cause, fails to allow its eligible employees to participate in CalSavers, on or before 90 days after service of notice of its failure to comply, shall pay a penalty of $250 per eligible employee if noncompliance extends 90 days or more after the notice, and if found to be in noncompliance 180 days or more after the notice, an additional penalty of $500 per eligible employee.
Employers may be subject to penalties for failure to register before their deadline or failure to complete other actions necessary to allow eligible employees to participate, including failure to upload employee information and failure to submit employee contributions under time frames established in state regulations.