CalSavers Update

While a financial penalty for failure to comply is critical to the program's long-term success, CalSavers' goal is not to collect revenue through penalties; rather, it wants businesses running the program and for their employees to start saving money. Default account as a Roth IRA. 4. CalS...

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Bibliographic Details
Published inCalifornia CPA Vol. 93; no. 1; p. 20
Main Authors Teykaerts, David, Wright, Leonard C
Format Trade Publication Article
LanguageEnglish
Published Redwood City California Society of Certified Public Accountants 01.07.2024
Subjects
Compliance
Employees
Employers
Fines & penalties
Retirement plans
Success
United States > US
California
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Summary:While a financial penalty for failure to comply is critical to the program's long-term success, CalSavers' goal is not to collect revenue through penalties; rather, it wants businesses running the program and for their employees to start saving money. Default account as a Roth IRA. 4. CalSavers supports the private sector financial industry serving employers with the means to implement their plans, while also providing a government-administered option to employers better served by a no-cost, non-fiduciary program that's easy to implement.
ISSN:1530-4035