SB 1126: CalSavers Retirement Planning Expansion

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SB1126 expands the CalSavers Retirement Savings Trust Act to define an “eligible employer” as a person or entity engaged in a business, industry, profession, trade or other enterprise in the State that has at least one eligible employee, excluding certain government entities and entities employing only their business owners. The Act previously covered only employers with 5 or more employees. Eligible employers must establish or participate in a payroll deposit retirement savings arrangement prescribed by the Act.