New Retirement Savings Program designed for Californians
Updated: Jun 20, 2019
The State of California has recognized the value of ensuring that all Californians have access to a workplace retirement savings program by providing a simple, portable, low-cost way for workers to invest in their futures.
To ensure all Californians have a path to financial security in retirement by providing a simple, portable, low-cost way for workers to invest in their futures, the CalSavers Retirement Savings Program launched November 2018 with a pilot program. CalSavers will open to all eligible employers beginning July 1, 2019.
CalSavers provides employees access to a retirement savings program without the administrative complexity, fees, or fiduciary liability of existing options for employers. Any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle will be required to either begin offering one via the private market or provide their employees access to CalSavers. CalSavers will be operated solely through administrative fees, so there’s no cost to taxpayers.
After CalSavers opens for enrollment, eligible employers can register for CalSavers at any time and will be required to comply by the following deadlines below based on the size of business:
Over 100 employees June 30, 2020
Over 50 employees June 30, 2021
Five or more Employees June 30, 2022
The CalSavers program will ensure nearly all Californians have access to a workplace retirement savings program. CalSavers offers 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 State Treasurer.
Get more details and information about eligibility, registration, and account setup at: