The state of California is now requiring any employer with more than 5 employees to sponsor a retirement plan.  You will either need to fill out the exemption (because you currently have a plan) or register for CalSavers.  Before registering for CalSavers please contact us to discuss your pension plan options.

Qualified retirement plans include:

  • 403(a) – Qualified Annuity Plan or 403(b) Tax-Sheltered Annuity Plan
  • 408(k) – Simplified Employee Pension (SEP) plans
  • 408(p) – Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA Plan
  • 401(a) – Qualified Plan (including profit-sharing plans and defined benefit plans)
  • 401(k) plans (including multiple employer plans or pooled employer plans)
  • Payroll deduction IRAs with automatic enrollment

Link to fill out the exemption:

You’ll need the information in the red box to certify your exemption.

If you need assistance please contact our office and we’ll be happy to help.