What are the laws concerning retirement plans?

In California, employers are required to offer retirement plans to their employees. The most common type of retirement plan offered is a 401(k) plan, which allows employees to contribute a portion of their pre-tax wages to a retirement savings account. Employers may also provide other types of retirement savings plans, such as a SIMPLE IRA, a SEP IRA, or a defined-benefit plan. All of these plans must meet certain criteria and must be registered with the California Department of Industrial Relations. Under California law, employers must allow employees to make contributions to their retirement plans at least once every three years. Employers must also allow employees to make withdrawals from their retirement plans upon reaching a certain age, or after specific triggering events such as job loss or disability. Employers must also provide an annual statement detailing the employee’s contributions, earnings, and withdrawals from their retirement plan. Finally, employers in California must provide their employees with a written summary of their retirement plan that outlines the terms, conditions, and features of the plan. The written summary must be provided in a way that is understandable to the employee and must include information on employee rights and obligations associated with the plan.

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What are the laws concerning retirement plans?

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