The California Secure Choice Retirement Savings Investment Board has filed a Notice of Proposed Emergency Regulation Action with the Office of Administrative Law (OAL) to adopt emergency regulations to amend the current CalSavers regulation to extend the June 30, 2020 registration deadline for Eligible Employers with more than 100 employees to September 30, 2020. Currently, employers with more than 100 employees that don’t otherwise offer a retirement plan must register with CalSavers, the state’s payroll deduction IRA program, by June 30, 2020 and automatically enroll employees or face penalties.
Under its Finding of Emergency, the Board stated that the extension is necessary to provide California employers additional time to respond to the COVID-19 pandemic and prepare for their registration deadline. The Board believed that keeping the June 30 deadline would unduly burden employers experiencing hardship due to the COVID-19 pandemic.
Once the proposed amendment is submitted to the OAL, there will be an opportunity for public comment. The Notice, Proposed Regulation, and finding of Emergency can all be found on the state Treasurer’s website at https://www.treasurer.ca.gov/calsavers/regulations/index.asp.