California AB2650 establishes the CalSavers Retirement Savings Program for private employees.
California AB2650 creates the CalSavers Retirement Savings Program, a state-run retirement savings plan for private employees. The program includes payroll deduction IRA arrangements and aims to promote retirement savings in a convenient, low-cost, and portable manner. Eligible employers must provide payroll deposit retirement savings arrangements for their employees, with penalties for noncompliance. The CalSavers Retirement Savings Board oversees the program, including investment policy, outreach, and compliance.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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