I am a small business owner with a doctorate in biology, but when it comes to much of the administrative work that goes along with having eight employees, I’m not as confident. I want to give my employees access to competitive compensation packages, but I’ve never felt comfortable managing a traditional retirement savings account on my own. Fortunately, I can now help my employees save for later in life without having to take on a huge workload thanks to CalSavers, California’s new state-administered retirement savings program.
Enrolling in the CalSavers pilot program helped my business by doing the work for me. My employees can easily opt out of the program if they want, and if they have any issues they can contact CalSavers customer service directly. Additionally, we do our payroll in-house using QuickBooks and I was really grateful that CalSavers had the foresight to integrate its system with QuickBooks, so there is almost no additional administrative burden.
CalSavers provides an easy way for me and my employees to save for retirement, and it’s a big win for all California small businesses and their employees to have access to this type of program.
Edith Read is the president of E Read and Associates, Inc. in Orange, Calif.