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How to Enroll in CalSavers (California Retirement Savings Program)

As a reminder to GreenSlate clients, the state of California has implemented CalSavers - a program to help California employees save for their retirement. This is mandatory as of June 2022 and requires companies with 5+ employees to offer a qualified plan, or face fines if they do not otherwise provide a retirement benefit to their employees.

Here's how GreenSlate can work with you and your staff to automate payroll deductions and help you meet the CalSavers program requirements.

 

Your Responsibilities as a CalSavers Provider:

  • Client will enroll their company entity(s) with CalSavers and notify GreenSlate.
  • Once enrolled, Client will add GreenSlate as their payroll provider under the “payroll representative” section from the employer dashboard. (See steps below for designating GreenSlate as the payroll provider.) 
  • Client will ensure that GreenSlate is set up to receive notifications from CalSavers so that GreenSlate is informed timely of any employee elections and changes. 
  • Client will provide CalSavers with the bank account they want debited for the collection of employee deductions.
  • Because CalSavers does not have an automated way for GreenSlate to send employee terminations, Client will need to inform CalSavers of all employee terminations.

GreenSlate's Responsibilities as Your Payroll Representative:

  • GreenSlate will receive employee election information from CalSavers and ensure employees are deducted for their elections each payroll period.
  • GreenSlate’s system will automatically credit Client via payroll invoices for the amount of employee deductions so that Client can pay CalSavers.
  • GreenSlate’s system will automatically send CalSavers a weekly file of employee contributions.
  • GreenSlate’s system will automatically send CalSavers a monthly employee census file so that new employees are added to the Employer’s profile.

How to designate GreenSlate as your payroll representative in the CalSavers employer portal:

1. Access the CalSavers employer portal here
2. Select “Add and/or designate your payroll representatives”
3. Select “No” for the  question: “Will an internal person submit payroll contributions to Insert Program Name on your company’s behalf?”
4. Select GreenSlate from the list of companies for the question:  “What company will assist you?”
5. Type the contact information for the client/designated contact who will be assisting you  for the question:  “Who is your representative?”
6. Select “No”  to the question: “Will they use this website to send contribution information?”


Ready to register for the CalSavers program? You can sign up here

If you have questions, CalSavers has a great Help Center here,  or feel free to email us. We'll be happy to help.

 

GreenSlate
06 July 2022

News
Finance
2022 Updates