Our Mission

CalSavers Retirement Savings Program

CalSavers is California’s retirement savings program designed to ensure all Californians have access to a workplace retirement savings account.

CalSavers was established under a state law (Title 21, of the California Government Code) requiring California employers that do not sponsor a retirement plan to participate in CalSavers – an automatic enrollment individual retirement account (IRA) with no employer fees or fiduciary liability.

Employers

Employers are required to participate in CalSavers if they employ an average of five or more employees and do not sponsor a retirement plan. The registration deadlines have passed for most employers. If employers missed their registration deadline, they should register today to avoid penalties.

Starting January 1, 2023, employers with an average of four or fewer employees will be able to participate and will be required to join CalSavers by December 31, 2025, if they do not sponsor a retirement plan.

Savers

CalSavers is a completely voluntary retirement program for employees that operates primarily on an automatic enrollment, “opt-out” basis. 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. For those who prefer to have their account set up for them, they will participate with the standard account settings, including contributing 5% of pay and investing in a fund chosen based on a saver’s age.