When you save with CalSavers, you’ll put your money to work for you:
You can enroll through your employer if they register for the program or sign yourself up. You may be eligible to open and maintain an account if:
NOTE: CalSavers accounts are Roth (post tax) IRAs, and those with higher incomes may not be eligible to contribute. If you earn more than the Roth IRA income limits set by the federal government, you may need to opt out of CalSavers or recharacterize to a Traditional IRA. Learn more about contribution limits. CalSavers offers savers the option to recharacterize their contributions to a Traditional IRA. You can complete this action online, use this form, or contact Client Services to get the process started.
Thirty (30) days before you are automatically enrolled in CalSavers, you’ll receive a notice asking you to set up your account, opt out, or wait to be automatically enrolled.
If you choose not to take action on your account, you will start saving automatically after 30 days with the standard savings and investment elections:
You’ll need the following information to access your account and customize it.
Once you have finalized your account by verifying your contact information and signed all account documents, you are able to:
You can opt out of CalSavers at any time, but you must be added to CalSavers by an employer before you can opt out. There are three convenient ways to opt out. The easiest way to opt out is either by calling our automated phone system at (855) 650 – 6918 or through our website. You can also choose to download, complete, and mail-in a paper opt-out form.
If you opt out before the end of the 30-day notification period, no payroll deductions will be made on your behalf and your account will not be activated. You can rejoin the program and begin contributing to your account at any time through the same methods.
Signing up for CalSavers is easy if you're self-employed or work for an employer that doesn’t facilitate the program. You’ll be asked to provide the following to set up your account:
You can then set up automatic contributions or make the initial minimum contribution and select your investment options.
THE CALSAVERS PROGRAM, COMBINED WITH CALIFORNIA’S NEW $15 MINIMUM WAGE LAW, CAN BOOST YOUNG LOW-INCOME WORKERS’ RETIREMENT INCOME BY 50%
UC Berkeley Labor Center, California's $15 Minimum Wage and Secure Choice Retirement Savings Program Can Boost Young Low-Income Workers' Retirement Incomes by 50%, (December 2017)
After you opt out, you will receive a notification confirming your decision. At any time in the future, you can opt in to the Program.
A small fee will be applied to your account. This fee is necessary to cover the costs of the administration of the program and operating expenses. This fee is collected in the form of an annual asset-based fee of 0.825% to 0.95%, depending on your investment choice. This means you will pay between 83 cents and 95 cents per year for every $100 in your account, depending on your investment choice. The CalSavers Program is pleased to announce that fee rates for all CalSavers participants will drop when the Program as a whole hits growth milestones.