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Employment law

retirement benefits

Many employers provide employees with various retirement benefits in the form of retirement and investment accounts or plans—including 401k plans, pension plans, and thrift savings plans (for federal employees)—sometimes with employer-matching of employee contributions.

Retirement benefits are generally discretionary and private employers are not obligated to provide them—or any other employee benefits. Most employees are also covered by Social Security—a retirement benefit administered by by the federal government—with eligibility for benefits beginning at age 62.

In California, employers may offer retirement benefits such as 401(k) plans, pension plans, and thrift savings plans, with some offering employer-matching contributions. However, providing these benefits is not mandatory for private employers. These plans are regulated under the Employee Retirement Income Security Act (ERISA) at the federal level, which sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. Additionally, most employees in California, as in the rest of the United States, contribute to Social Security through payroll taxes and can become eligible for Social Security retirement benefits starting at age 62. The specific rules and regulations regarding retirement benefits can vary depending on the type of plan and the employer's policies.

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Employment law

retirement benefits

Individual & Family Legal Plan

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California State Code

California State Code

Employment law

retirement benefits

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