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What You Need To Know About California's Retirement Mandate

If you have more than five employees, California requires you to have a suitable retirement savings plan (e.g. 401K) in your practice by June 30th of this year (2022.) The default state plan is called CalSavers.  Action may be required whether you have an existing plan in place not. Here’s what you need to know:
 

  • You are required to notify CalSavers if you already have a retirement plan in your practice (e.g. 401K). To do that, you need an access code. You can request that code here.  Have your corporate EIN and zip code on hand. Before checking that however, read the next bullet point.
  • The state is coordinating with the Employment Development Department (EDD) and may already know that you have a retirement plan set up. If so, when you request the access code mentioned above, it will let you know that no further action is needed. If not, it will send you the code.
  • Once you receive the access code, go here and request the exemption.
  • You’ll want to do this timely to avoid fines for noncompliance.
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