Private Retirement Savings Plans
California enacted the CalSavers Retirement Savings Program, which is a state-run retirement plan for private sector workers whose employers do not offer a retirement plan.1
The CalSavers program requires employers with one or more employee that do not offer specified retirement plans to put a payroll arrangement into place that allows employees to contribute a portion of their salary or wages to a retirement saving plan in the CalSavers program.
In 2023, the coverage was expanded to include employers with one or more employees, excluding sole proprietorships, self-employed individuals, or other business entities that do
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