Frequently Asked Questions
Below are frequently asked questions. If your question is not answered here, click the button below and we’ll get back to you soon
Why use Cal401k?
With Cal401k we do all the set up for your retirement plan
- We help you find the the lowest cost retirement plans for your company
- We help your employees make their investment choices for their future in person and by phone
- We meet with all owners, managers, and supervisors and provide executive financial planning
- Dedicated service team at your disposal
- We have experience setting up and improving 401k plans
What is the deadline to meet the California requirement for an employer-sponsored retirement plan?
The new California registration deadline is:
101+ Employees – Extended to September 30, 2020
51-100 Employees – June 30, 2021
5-50 Employees – June 30, 2022
I have less than 100 employees. Do I need to offer a retirement plan right away?
The short answer is no.
If you have 51-100 Employees, the deadline is June 30, 2021
If you have 5-50 Employees, the deadline is June 30, 2022
However, plans can be started at little to no cost for small employers through our programs. The sooner you offer the plan, the sooner you can register to be exempt.
Most companies offer 401(k)s. Do I need to offer a 401(k) as a small business?
As a small business, you have many options of retirement plans including 401(k), Simple IRA, Defined Benefit Pension Plans, etc. At Cal401k we help you navigate to find the best least-cost option for your business.
Are there penalties for not enrolling into CalSavers?
Yes. If you do not offer a retirement plan and do not register for your company to be exempt from the requirement, you will incur penalties.
How are you able to charge less than competitors?
We don’t charge extra hidden fees or advisor fees. We coordinate with the TPA for Plan testing, annual discrimination testing, and negotiate all charges.
About Our Services
- Plan review meetings, recommendations, and compliance changes.
- Recommendations regarding plan’s investment policy, options, and/or investment managers
- Plan participant education & communication
- Investment advice & allocation, rebalancing changes, annual compliance
- Open enrollment online/off-line in person
Work directly with our broker and give your employees access to personalized retirement investment advice
Link All Your Benefits
In addition to 401k, we also offer complete Employee Benefits packages including medical, dental, vision, etc. We are able to provide your employees with a complete Employee Benefits package with Total Compensation Reports so they know the value of all that you give them by working for you.