In an effort to encourage more workers to save for retirement, California lawmakers have passed a bill that will require employers with five or more employees (and who do not otherwise have a retirement plan in place) to make auto-deposits into employee retirement savings accounts. Employers with more than 100 employees will have 12 months to enroll employees who do not opt out. Employers with 50-99 employees will have 24 months, and employers with 5-49 employees will have 36 months. If signed by Governor Jerry Brown, the California Secure Choice Retirement Program could go into effect as early as January 1, 2017.
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