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Benefits:

CalSavers: a simple, portable, low-cost way to save for your future.

Your employer is facilitating CalSavers, a retirement savings program established by the State of California to make it easier for employees to save for retirement. With CalSavers, enrollment is automatic: you will be enrolled unless you opt out within 30 days of receiving this information. You can opt out or back in at any time.

By enrolling in CalSavers, you can save for your future through automatic payroll contributions through each paycheck. Because your Individual Retirement Account (IRA) belongs to you, you can keep saving even if you change jobs. Even a little saved now can potentially make a big difference in the future.

30 Days to Decide:

Start saving

  • Set up your account now: Log in and change your investment choice, choose a different contribution rate, or set a beneficiary.
  • Set up your account later: Through automatic enrollment, your contributions will be applied based on the standard savings choices.

Opt Out

  • Your participation is completely voluntary. If you don’t want to start now, opt out. You can opt back in at any time.
  • Before you opt out, consider smaller contribution rates. It’s a great alternative to opting out entirely.

Decide online at saver.calsavers.com/register, by phone at 855-650-6918, or by filling out a form.

Acknowledgement:

By not opting out of the CalSavers Retirement Savings Program, I am acknowledging that I have received and read the Custodial Account Agreement, Disclosure Statement, Financial Disclosure, and the Program Disclosure Booklet, and understand their content.

Automatic Enrollment:

If you do not take action within 30 days of receiving your invitation - choose to opt out or set up your account - you will be automatically enrolled in the program and will start saving part of each paycheck into your own Roth Individual Retirement Account (IRA)1.

  • 5% of your gross pay (how much you earn before taxes and other deductions) will be contributed to your Roth IRA.
  • Your account will be a Roth IRA. Contributions into a Roth IRA are made after-tax and not taxable when you remove them from your account. Any investment earnings on those contributions could be tax free if they meet certain IRS criteria. You can choose to recharacterize your contributions to a Traditional (pre-tax) IRA.
  • CalSavers charges an administrative fee to pay for program operations and the underlying investments. This fee includes a Fixed Account Fee ($4.50 assessed quarterly)2 and an Asset-Based Fee ranging from 0.325% to 0.49% of your account balance, depending on your investment choice. Fees are automatically deducted from your CalSavers account balance over the course of the year. CalSavers also assesses a quarterly $1.25 Paper Delivery Fee2 and a $5.00 Paper Check Fee – both can be waived by signing up for e-delivery.

Set Up and Customize Your Account

  • Customize your account online or using our mobile app for easy account maintenance
  • Verify your contact information
  • Add beneficiaries (who will inherit your Roth IRA in the event of your death)
  • Change your contribution rate
    minimum = 1%, maximum = 100% up to IRS limits for Roth IRAs
  • Change your investment choices. Available options include:
    • CalSavers Money Market Fund: 100% invested in State Street Institutional U.S. Government Money Market Fund (Ticker: GVMXX)
    • CalSavers Target Retirement Funds, 100% invested in the State Street Target Retirement Funds. Choose your fund based on your age.
    • CalSavers Core Bond Fund: 100% Invested in State Street Aggregate Bond Index Fund(Ticker: SSFEX)
    • CalSavers Global Equity Fund: Investments allocated between State Street Global All Cap Equity ex-US Index Fund (Ticker: SSGLX) and State Street Equity 500 Index Fund (Ticker: SSSYX) according to a financial industry benchmark *The default investment is the CalSavers Money Market Fund
    • CalSavers Environmental, Social, Governance Fund: 100% invested in Calvert U.S. Large-Cap Core Responsible Index Strategy (Ticker: CSXRX)

Make a Withdrawal:

You can withdraw your contributions at any time online or by completing a distribution request [1] Consult with a qualified tax advisor to discuss your particular circumstances.

For more detailed information about your CalSavers account, go to the Program Details page. You can review how to take action on the options above, including how to customize your savings rate and change your investment choices.

  1. If you set up your account and do not choose an investment option, your initial contributions will be invested in the CalSavers Money Market Fund for 30 days. After the period, your existing savings and future contributions will be invested in a CalSavers Target Retirement Fund based on your age. Earnings may be taxable and have a penalty applied if you are under age 59 1⁄2 and have had your account for less than 5 years. Speak to a tax advisor to review and understand the 10% Early Distribution Penalty Tax Exceptions.
  2. The first Fixed Account Fee and the Paper Delivery Fee are not assessed until at least 90 days after the saver’s initial contribution and will not be assessed for the quarter in which the first contribution is made.

All investing is subject to risk, including the possible loss of the money you contribute through your payroll deductions. You should consult a tax or financial advisor if you have questions related to taxes or investments.