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I, In re: California Secure Choice Retirement Savings Investment Board Regulatory Action: Title 10, California Code of Regulations Adopt sections:i10000, 10001, 10002, 1A003, 10004, 10005, 10006,10007Amend
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California Secure Choice Retirement is beneficial for individuals who do not have access to employer-sponsored retirement plans, such as 401(k) or pension plans.
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California Secure Choice Retirement (CalSavers) is a state-run retirement savings program designed to help employees save for retirement if their employer does not offer a retirement plan.
Employers in California with five or more employees who do not offer a retirement plan are required to participate in CalSavers and facilitate employee contributions.
Employers can enroll in CalSavers online, set up payroll deductions, and manage employee contributions to the retirement accounts.
The purpose of CalSavers is to provide an easy and accessible way for employees to save for retirement, especially those who do not have access to employer-sponsored retirement plans.
Employers are required to report employee contribution amounts, changes in employee status, and other relevant information to CalSavers.
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