CA AB2650

Expands CalSavers Retirement Savings Program eligibility to include household employers who provide W-2 forms to domestic workers employed in or around their homes

Requires the program to establish IRAs for participants eligible for federal or state retirement benefits (such as the Saver's Match tax credit) and payroll deposit emergency savings accounts capped at $1,000 to preserve retirement investments

Changes employer compliance deadline from December 31, 2025 to an annual requirement beginning December 31, 2027 for eligible employers with one or more employees who don't offer retirement savings arrangements

Adds a third-tier penalty of $500 per eligible employee for continued noncompliance after initial penalties of $250 and $500 have been assessed, with penalties limited to once every 180 days

Authorizes the board to assess feasibility of multi-state or regional agreements for shared program administration and removes outdated references to the discontinued federal myRA program