Understanding California's State Mandates for Retirement Plans: Options and Compliance
Help clients understand California's retirement state mandate requirements and explore the best solutions to meet their business needs.
Key Points
- Compliance Requirements: Educate clients on the three options to satisfy California's retirement program mandates: participating in CalSavers, sponsoring a private sector retirement plan, or joining a pooled employer plan (PEP).
- CalSavers Overview: Explain the features and benefits of the CalSavers program, including automatic enrollment, contribution rates, and limited employer responsibilities.
- Alternative Plan Options: Discuss available alternative options, like 401(k) and PEPs, and explain their flexibility, contribution limits, and potential tax benefits for both employers and employees.