The program will ensure association members fulfill California’s retirement plan mandate and avoid fines for non-compliance
LAGUNA HILLS, Calif. (April 1, 2022)—In an effort to ensure members comply with a new state mandate regarding corporate requirements for a 401(k) program, the California Association of Community Managers (CACM) has partnered with Lincoln Financial Group to deliver a new CACM MEAP 401(k) program. Members who opt for the CACM 401(k) will benefit from reduced administrative work; access to potential pricing and service efficiencies; and relief from many fiduciary obligations.
Starting this June, the state of California will begin levying fines on businesses who fail to comply with the California retirement plan mandate, which requires that businesses that employ as few as 5 employees offer an employer-sponsored retirement plan such as a 401(k), 403(b) or SEP/Simple IRA.
Companies who fail to comply with the new mandate could be subject to a fee of up to $750 per eligible employee. The deadline to offer a retirement plan in California is June 30, 2022 for companies with 5 or more employees. For businesses with 50 or more employees, the deadline to comply was June 30, 2021 and for businesses with over 100 employees, the deadline was September, 30, 2020.
Now that the last deadline approaches, the state will begin enforcement of the mandate across all businesses and industries.
“Not only is this an added member benefit, but more importantly, it satisfies the requirement in Title 21 of the Government Code,” said Tom Freeley, CEO and President of CACM. “This program is now available to our management company members, associations who directly employ manager members and staff, and industry partner company members.”
CACM company members interested in participating should contact the plan’s financial advisor Glenn Cassidy at email@example.com or call (949) 940-5898.
About CACM: With nearly 3,000 members, CACM is the only community association management organization to offer California-specific programs leading to a state-recognized designation of Certified Community Association Manager (CCAM®). The association trains community managers to understand and have a working knowledge of more than 1,200 laws and statutes regulating homeowners associations for the benefit of homeowners throughout California. For more information about CACM, our programs or services, visit www.cacm.org or contact Lynette Bertrand, Director of Marketing & Communications, at (949) 340-7648 or firstname.lastname@example.org.
About Lincoln Financial Group: Lincoln Financial Group has been in business since 1905, is a recognized leader in the retirement plan space and has group 401(k) program experience dating back to 1995. Surveyed Lincoln plan sponsors rated their overall satisfaction at 90% in 2019, and their award-winning websites help make your experience even easier.