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The CalSavers Retirement Savings Program is an automatic enrollment payroll deduction IRA program.
The CalSavers program ensures nearly all Californians have access to a workplace retirement savings program by offering employees a completely voluntary, low cost, portable retirement savings vehicle with professionally managed investments and oversight from a public, transparent board of directors, chaired by the California State Treasurer.
Any employer with at least five California-based employees, at least one of whom is age eighteen, that doesn’t already offer a workplace retirement savings vehicle will be required by state law to either begin offering one via the private market or provide their employees access to CalSavers.
Eligible employers can register for CalSavers at any time and will be required to comply by the following deadlines:Size of business / Deadline
Over 100 employees / September 30, 2020
Over 50 employees / June 30, 2021
Five or more employees / June 30, 2022
CalSavers is a completely voluntary retirement program for employees. Savers can participate through their employer or on their own. Savers may choose their contribution rate, change their investments, or opt out (and opt back in) at any time;or, savers can stick with the standard account settings.
CalSavers is operated solely through saver fees, so there’s no cost paid by taxpayer revenue.