Time to Start Saving

HR Jungle

CalSavers is the retirement plan California has created that allows employers to offer a way for employees to save toward retirement. Actually, the state is trying to force people to save but this is one of those occasions where their plan is a good idea overall.  [click to read more …]

Save Yourself

HR Jungle

“Employees have been asking for a retirement plan but I’m not sure I can afford it. What are my options?”

Your HR Survival Tip

Adding a 401(k) retirement plan to your benefits can be done for as little as $2,000 per year in administrative fees. A 401(k) is a really good benefit to add to your benefit package. However, there is another option coming over the next few years.

California has found another way to protect employees… but this time the employees are being protected from themselves and their poor savings habits. Studies have shown people are saving less for retirement than ever before and California wants to help improve and encourage saving.

The Secure Choice Retirement Savings Program (SCRSP) was enacted in 2016 and will be implemented over the next few years as the CalSavers Retirement Savings Program. At a certain point, if your company doesn’t have a 401(k) plan in place, your employees will be automatically enrolled in CalSavers. Employees will have an automatic 5% payroll deduction put into CalSavers and they must opt out if they don’t want to participate. This is a big change because it requires opting out rather than opting in.

Registration and implementation  [click to read more …]