File Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan. Employers with one or more employees must participate in CalSavers if they do not already have a workplace retirement plan.This includes ensuring plans comply with ERISA's minimum standards, recordkeeping, annual filing and reporting, and fiduciary compliance. Form 5500 is filed with the DOL and contains information about a 401(k) plan's financial condition, plan qualifications, and operation. It's the law: California businesses with more than five employees must offer a retirement saving opportunity. An employer should provide several documents, depending on the type of retirement plan and when the employee meets the eligibility requirements. ERISA Audits – California (CA). ERISA applies to "health and welfare plans" and "pension plans. Currently, only employers with 5 or more employees in the previous year are required to have a retirement plan or register with CalSavers.