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California Launches Private-Sector Retirement Savings Pilot

Nov. 28, 2018, 7:53 PM

California is launching its state-run retirement savings program for private businesses as a pilot with 20 companies, while fighting a lawsuit seeking to strike it down.

About 2,000 employees work for the first companies joining CalSavers, and the companies vary in size, location, industry, and payroll system types, CalSavers Executive Director Katie Selenski told Bloomberg Law Nov. 27. More companies will be added throughout the six-month pilot to help work out any kinks in advance of the program’s formal launch July 1, 2019.

Companies that use CalSavers must give their employees 30 days to opt out of the voluntary ...