Does your business operate in California ?
If your business operates in California and you have over five employees, you’ll need to offer your employees access to a retirement plan.
- September 30, 2020 – 100 plus employees
- June 30, 2021 – 50 to 99 employees
- June 30, 2022 – 5 to 49 employees
To meet the requirements of the California State Retirement Plan Mandate, you don’t have to be limited to the CalSavers state-run IRA. You can choose a Futuready retirement plan that has higher contribution limits and better potential for tax credits. Bundled with Futuready, your business will benefit from a truly automated and integrated system, leading to a more efficient workflow and more time to focus on what matters most.
Besides staying compliant with the state mandate, establishing a retirement plan before the deadline may potentially help your employees save thousands of dollars more for their retirement, due to the power of compounded interest.
What is the DIFFERENCE Between
a State-Run IRA, and 401(k)?
The biggest difference between these types of retirement plan is a company match and the maximum amount employees can contribute.
When you choose a retirement plan through Futuready, we also help you with all of the administrative tasks, such as updating employee demographics, editing payroll lists, submitting contributions every pay period, and more.
(Offered by Futuready)
|Company Match Option||No||Yes, at employer’s discretion|
|Tax Credits for Opening New Plan||No||Up to $5,000 per year, for the firsts 3 years.|
|Employer Tasks||Employer processess payroll contributions, updates contribution rates, adds newly eligible, etc.||Futuready is your plan administrator|
|Contribution Type||Roth Only||Pre Tax and Roth|