All employers with 50+ employees must register CalSavers, a state-sponsored retirement plan, and facilitate their employees access by June 30, 2021 (employers who sponsor their own qualified retirement plan are exempt). Learn what this state-sponsored plan is all about – your requirements as an employer, and the impacts on and options available to employees. We’ll also explore EZ$SAVINGS4U (unaffiliated with CalSavers): an easy to implement option for employers concerned about costs and liabilities associated with sponsoring a retirement plan, including concerns related to seasonal workers with high turnover rates and variable hour employment.
100+ employees – September 30, 2020
51-99 employees – June 30, 2021
5-50 employees – June 30, 2022

Presenters:
Jonathan Herrera- Outreach & Marketing Manager, CalSavers
Ed McClements Jr.- President, McClements Insurance Services…(read more)

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CalSavers is a state-run retirement program in California that aims to help workers save for retirement by offering a simple, low-cost, and portable retirement savings plan. This program is especially beneficial for farm labor contractors, as many workers in the agricultural industry do not have access to employer-sponsored retirement plans.

Farm labor contractors play a crucial role in the agriculture industry, providing labor to farmers and helping to harvest crops. However, many of these contractors do not have the resources or infrastructure to offer retirement plans to their employees. This leaves many agricultural workers without a way to save for retirement and secure their financial future.

CalSavers addresses this issue by providing an easy-to-use retirement savings option for employees of farm labor contractors. The program automatically enrolls workers in a Roth IRA account, which allows them to contribute a portion of their earnings to their retirement savings. Employees can choose how much they want to contribute, and their contributions are deducted directly from their paychecks.

One of the key benefits of CalSavers is that it is a portable retirement savings plan. This means that workers can take their savings with them if they change jobs or employers, ensuring that they can continue to save for retirement regardless of their employment situation.

Another advantage of CalSavers is that it is low-cost and easy to use. The program is run by the state of California and overseen by a board of trustees, which helps to keep fees and expenses low for participants. Additionally, CalSavers offers a variety of investment options to suit different risk tolerances and investment goals, making it accessible to workers with varying financial backgrounds.

By participating in CalSavers, employees of farm labor contractors can take a significant step towards securing their financial future. Saving for retirement can be daunting, but with the support and resources provided by CalSavers, workers in the agriculture industry can take control of their financial well-being and ensure a comfortable retirement.

In conclusion, CalSavers is a valuable resource for farm labor contractors and their employees, offering a simple, low-cost, and portable retirement savings plan that can help workers build a secure financial future. By participating in CalSavers, workers in the agriculture industry can take a proactive step towards retirement security and financial stability.