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E m p l o y e r R e g i s t r a t i o n T i m e l i n e
20-06
IMPLEMENTATION UPDATE as of October 31, 2020
CalSaversCalSavers opened for statewide enrollment on July 1, 2019 forthe 7.4 million private-sector workers in the state who do nothave access to an employer-sponsored retirement savings plan. The program offers participants a simple, portable, low-costway to save via a Roth IRA account with a set of investmentoptions. A small group of employers participated in a pilot programconducted in two waves, the first in late November 2018 andthe second in mid-April 2019.Individuals who are self-employed or gig workers are able tovoluntarily join the program.
4,851
Current Status employers registered
43,376
funded accounts
34.53%
effective opt-out rate
5.03%
average monthly contribution amount
$110.00
average contribution rate
$14.52 million
total assets
Employers with at least 5 employees that currently do not providequalified savings plans must use the CalSavers program or select aqualified plan in the private market.
Source:1. From CalSavers. For more information about the program, go to the CalSavers Homepage.2. Participation & Funding Snapshot from CalSavers, Data as of October 31, 2020.3. The automatic increase only applies to participants who have been contributing for six months or more, are currentlycontributing less than 8 percent, and have not opted out of automatic contribution increases. Participants may opt outor back in to automatic contribution increases at any time.
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More than
100 employeesMore than 50 employees
5 or moreemployees
September 30, 2020 June 30, 2021 June 30, 2022
Employees who do not opt out begin saving at a defaultrate of 5% of pay. Contribution rates for participants willautomatically increase 1% beginning on the first day ofeach year until they reach 8% of gross pay. By default,the first $1,000 in contributions are held in a capitalpreservation option. Subsequent funds are defaulted intoa target date fund.Employee participation is voluntary. Employees may opt-out, or choose to change their contribution level orinvestment fund option at any time.
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