# State auto-IRA

> State auto-IRA — A state-run retirement program that employers without a retirement plan must make available, deducting employees' contributions from payroll unless they opt out: the employer's participation is mandatory, the employee's voluntary. California's CalSavers covers employers with one or more employees and charges $250, then a further $500, per eligible employee for noncompliance.

Source: https://lopifi.com/glossary/state-auto-ira
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is state auto-ira?** In accounting, state auto-IRA means a state-run retirement program that employers without a retirement plan must make available, deducting employees' contributions from payroll unless they opt out: the employer's participation is mandatory, the employee's voluntary. California's CalSavers covers employers with one or more employees and charges $250, then a further $500, per eligible employee for noncompliance.

## Also known as

- CalSavers

## Words this system refuses for it

- 401(k)
- state pension

- **Category:** Benefits
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)