Retirement Plan Mandate

 

Groups of 50+ must offer a retirement plan by June 30th 2020, smaller groups will be required to by 2021.

Retirement savings plans are one of the most sought after employee benefits. And if you’re a small business owner in California or Illinois, offering these types of plans to your employees is mandatory. Recent legislation has mandated that businesses in California with five or more employees and businesses in Illinois with 25 or more employees must offer retirement benefits.

 

If you would like to know more about the new Retirement Plan Mandate or any other service on the site, please fill out an inquiry, send us an email or give us a call. A professional from our team will reach out.

Click HERE to go to our contact page. A form is also available at the bottom of this page.

 

CalSavers Website

Requirements: Employers must automatically enroll employees (ages 18 or older) at a 3 percent payroll deduction.

Employees are able to opt out of the program or elect to defer a different percentage of wages or dollar amount.

The Golden state is also no stranger to bold legislation changes. The city of Los Angeles raised its minimum wage to be one of the highest in the country. So it may come as no surprise that lawmakers have passed the California Secure Choice Retirement Savings Trust Act, requiring all small businesses to offer retirement benefits to their employees.

Please see CalSaver drop down for more on CalSaver

California Business Benefits has a business alliance with a very reputable RIA advisory firm, The Financial Management Network, Inc. All securities transactions are carried out through FMN. http://www.fmncc.com/