Employers that employ between five and 50 California-based employees ("Small Employers") must either offer a retirement savings program or enroll as a participating employer in the CalSavers Retirement Savings Program by June 30, 2022. Small Employers that sponsor their own retirement savings program are required to register as exempt from the CalSavers program by June 30, 2022. Additional information about the CalSavers program and employer registration can be found on the CalSavers program's employer website here. Failure to register may result in a penalty of $250 per employee for noncompliance within 90 days and $500 per employee if noncompliance continues for more than 180 days.
As a reminder, larger employers with more than 100 California-based employees were required to register as participating or exempt by September 30, 2020, and employers with 50 to 100 California-based employees were required to register as participating or exempt by June 30, 2021.