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.