CalSavers will ultimately require all employers that don't sponsor a retirement plan and have five or more employees to enroll workers in the state-administered Roth IRAs by June 30, 2022, (Image: Shutterstock)
CalSavers, California's automatic IRA program for employers that do not sponsor a workplace retirement plan, has survived its latest and final challenge in a federal district court in that state.
In 2018, the Howard Jarvis Taxpayers Association, a California-based non-profit that advocates for fiscal restraint, filed suit against CalSavers, alleging the state plan is an employee benefits plan and is preempted by the Employee Retirement Income Security Act, a federal law.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
