By Elise Gray
Special to the Alpine Mountaineer
In response to a recent law that requires all businesses operating in California to facilitate a retirement savings option for their employees, the Lake Arrowhead Communities Chamber of Commerce recently hosted an informative virtual workshop on 401(k) retirement plans, led by Jacob Copley and Vaspour Antanesian from Pension Planners.
The workshop was offered in response to the CalSavers Retirement Savings Trust Act: Businesses with fewer than five employees have until Dec. 31, 2025, to comply. With the deadline fast approaching, the well-attended Zoom meeting drew participants from surrounding mountain communities, all eager to understand their options and responsibilities.
Copley and Antanesian opened the session by explaining the differences between traditional and Roth 401(k)s. They also provided guidance on the California retirement savings mandate known as CalSavers, which requires businesses without a qualified retirement plan to register for the program or face penalties.
Both presenters, however, raised concerns about CalSavers’ limitations for employers. They highlighted that while CalSavers helps employees save for retirement, it doesn’t offer the same tax benefits for businesses that a traditional 401(k) can provide. Specifically, they noted that CalSavers doesn’t allow employers to create tax shelters to take advantage of credits and deductions that could otherwise help their bottom line.
Instead, Copley and Antanesian emphasized the advantages of establishing a traditional 401(k) plan or a Pooled Employer Plan (PEP), which can offer more robust tax benefits and flexibility for businesses. They explained how PEPs are particularly helpful for small businesses looking to save time and money while providing competitive retirement benefits for employees.
Throughout the presentation, the pair shared a seven-step financial planning process, giving participants a roadmap to retirement readiness. Employers and employees alike were encouraged to take proactive steps toward securing their financial future.
Toward the end of the presentation, attendees were invited to schedule one-on-one consultations to discuss retirement strategies in more detail, with a QR code shared for easy appointment booking.
The workshop underscored the chamber’s commitment to keeping the local business community informed and financially savvy. Stay tuned for more chamber events and resources to support local businesses and beyond.
0 Comments