California employers with 5+ employees that do not sponsor a retirement saving plan(s) will soon be required to participate in a new state-run retirement program called CalSavers. Employers that do not offer employees CalSavers or an alternative qualified retirement plan can be penalized up to $750 per employee for non-compliance with this new law.
Employers must register for the CalSavers program beginning in summer 2020, with staggered deadlines for registration based on employer size. Furthermore, the law requires employees to be auto-enrolled in the program - with automatic payroll educations withheld, used to fund Individual Retirement Accounts (IRAs) for employees. Employees may opt out of the program, but must go out of their way to do so. Employer and employee education on this mandate is imperative.
Come learn more about this law and get your questions answered at our upcoming March 10, 2020 lunch meeting featuring Jason Gilbert, the Director of Field at Ascensus Government Savings, who is responsible for supporting employers and the employees as they administer this new CalSavers program.
Tuesday, March 10, 2020
NEW MONTHLY MEETING LOCATION!
JT Schmid's Restaurant & Brewery | 2610 E. Katella Avenue | Anaheim 92806
Registration: 11 AM
OCAHU Business and Lunch: 11:30 AM
Speaker Presentation: 12 to 1 PM
Cost to Attend: Member: $35 | Non-Member: $50
Meet Our Speaker:
Director Institutional Relationship Management
Ascensus Government Savings
Jason serves as the Director of Field Representatives at Ascensus Government Savings, responsible for supporting employers and their employees as they administer the CalSavers program. His team provides local onsite support for employers throughout the registration and administration processes, and conducts educational meetings for employees to create awareness of the program and its features. Jason has spent over 15 years in the retirement industry, most recently at Prudential Retirement servicing institutional clients. Jason attended the University of Hartford where he attained his a M.B.A. and received his B.A. in and holds a Series 6, 63 and 26 licenses.
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