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Effective URL: https://eduappointment.com/calsavers
Submission: On May 11 via api from US — Scanned from DE
Effective URL: https://eduappointment.com/calsavers
Submission: On May 11 via api from US — Scanned from DE
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CALSAVERS COMPLIANCE Are you ready? CalSavers Retirement Savings Program is a new state mandated retirement plan. CalSavers is for employers who do not offer a company retirement plan. If you are an employer and have at least five employees who are over the age of 18 and have at least one employee working in the State of California, you are subject to the requirements and provisions of CalSavers. GET STARTED WHY ACT NOW? Time is running out. Businesses with 5 or more employees must be compliant or properly opt out to avoid heavy pnalties. DEADLINES • June 30, 2022-Employer with More Than 5 employees MUST Register. • June 30, 2021 - Employers with More Than 50 employees MUST Register. • July 1, 2019 employers can begin to register for CalSavers. PENALTIES If you DO NOT REGISTER or PROPERLY OPT OUT of CalSavers. You can be FINED! • $250 Per Employee if NOT enrolled within 90 days of deadlines. • $500 Per Employee if NOT enrolled with 180 days of deadline! GET COMPLIANT IMPORTANT CONSIDERATIONS • Employees will be automatically enrolled in a Roth IRA at 5% of salary with an annual auto-increase to 1%per year up to 8%. • Employer and Employee contributions are NOT TAX DEDUCTIBLE with this plan. • Employer MUST enroll eligible employees within 30-Days of employment. • Employer MUST keep track of sign-up and opt-out forms. • Employer IS RESPONSIBLE for uploading and monitoring employee contribution amounts every pay period. • CalSavers IRAs are subject to the same rules and regulations as other Roth IRAs which mean High-Income employees and/or employees of High-Income household will need to continuously Opt-Out. • Only employees will be able to contribute. NO employer contributions. • Employers MUST take action BEFORE COMPLIANCE DEADLINES END AND PENALTIES START! GET COMPLIANT Free Consultation with A Financial Professional Loading… COMMUNICATE: Email LOCATION: Naples, FL LEGAL: Terms and Conditions Privacy Additional California Privacy Copyright © 2022 | EDUappointment.com. All rights reserved. | Privacy Policy