California Expands State-Run Retirement Program

California Governor Gavin Newsom recently signed legislation that will expand CalSavers, the state’s IRA-based retirement program, to cover virtually all California employers that do not sponsor their own qualified retirement plan. The new law, signed on August 26, 2022, and taking effect at the beginning of the new y ear, expands the definition of “eligible employer” to capture any employer in California with at least one non-owner employee. Click here to learn about SB 1126.