Ask the Treasurer

August 2019

Dear Fiona,

I recently attended one of your small business seminars and heard a presentation about the CalSavers retirement savings program. I operate a nonprofit organization. Are nonprofits required to register for the program?

Scarlett

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Dear Scarlett,

Yes, nonprofit organizations are required to register for the CalSavers program if they do not already offer their own retirement plan. The registration requirements are the same for non-profit and for-profit employers. Please note that there are deadlines for eligible employers to either begin to offer their own retirement plan or register for CalSavers. The deadlines for registration vary depending on the size of the business:

• For eligible employers with more than 100 employees, June 30, 2020.
• For eligible employers with more than 50 employees, June 30, 2021.
• For eligible employers with five or more employees, June 30, 2022

Sincerely,
Fiona

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Readers:
Send your questions for California State Treasurer Fiona Ma via email to: AskFiona@treasurer.ca.gov

Address letters to:
California State Treasurer Fiona Ma, Post Office Box 942809, Sacramento, CA 94209-0001