CalSavers Mandatory Participation for All Businesses!

Businesses all over our country have enough on their plate just trying to get their business up and going again. Businesses in California haven't noticed the extra item on their plate. It is California Secure Choice Retirement Savings Program. CSCRSP, also known as Calsavers, was passed in 2016 to help millions of Californian's save for retirement. The program was delayed for three months because of pandemic. Participation is required and there are two choices. Participate in the state IRA program or acquire a 401k plan. Depending on the number of employees, the important dates are listed below. However, the June 30th deadline for 5 - 49 employees is fast approaching!

• ​50 - 99 employees - June 30, 2021
• 5 - 49 employees - June 30, 2022

Many 401k plans offer a menu of investment choices that may not change. PAI offers a managed 401k where the funds periodically change to ensure that participant performance stays on track.

See CalSavers for additional information and email Scott Smith to learn more about the benefits of a 401k through PAI.