Finance

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?”