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SMALL BUSINESS NEWS

15 Oct 2012

 

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For Small Business Owners In  California 

California Governor Gerry Brown signed into law a new Retirement Plan for workers in the private sector.  This bill establishes the California Secure Choice Retirement Savings Program to operate as a state-administered retirement savings plan for private sector workers who do not participate in any other type of employer-sponsored retirement savings plan.

It requires employers to withhold 3% of the pay of those employees who elect to participate in the program.  It provides that an employer who fails to allow its employees to participate in the Program after being notified of failure to comply by the Employment Development Department (EDD) shall pay a penalty, as specified.

It requires each eligible employee to be enrolled in the Program unless the employee opts out.

Employers are not required to provide matching funds to the plan and the state does not have any liability for the payment of the retirement savings benefit guaranteed to Program participants.  Any financial liability for the payment of benefits in excess of funds available shall be borne by insurance underwriters.

Read the whole bill at California Secure Choice Retirement Savings Plan.

Sources:
California Secure Choice Retirement Savings Plan


By Tim Miller

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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