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.
If you’re not sure how much to contribute, check out our calculator and education content to figure out what’s right for you.
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.
CalSavers charges fees to pay for program operations and the underlying investments.
All fees are automatically deducted. Savers will not be billed.
| Fee | Description | Amount | When Assessed |
|---|---|---|---|
| Fixed Account Fee | Fee for account maintenance and administration. | $4.50 per quarter ($18.00 annually) | Assessed on the last day of each quarter: March 31, June 30, September 30, and December 31 annually. Fee will not be assessed until at least 90 days after the initial contribution and will not be assessed for the quarter in which the first contribution is made. |
| Total Annualized Asset-Based Fee | Fee for the annual costs and expenses associated with each Investment Option. Refer to the Program Disclosure Booklet for more information. | Ranging from 0.325% to 0.49% of an account balance, depending on the investment choice(s).This means saver will pay between 33 cents and 49 cents per year for every $100 in an account1 | Fees accrue daily and are factored into the price of an investment option. |
1 The Total Annualized Asset-Based Fee (0.325% to 0.49%) includes the Underlying Fund Fee (0.025%-0.19%), the State Fee (0.05%), and the Program Administration Fee (0.25%).
The Fixed Account Fee will not be assessed until at least 90 days after the initial contribution and will not be assessed for the quarter in which the first contribution is made.
| The first CalSavers contribution occurs between: | The date that the Fixed Account Fee will be assessed is: |
|---|---|
| January 1-March 31 | June 30 |
| April 1-June 30 | September 30 |
| July 1-September 30 | December 31 |
| October 1-December 31 | March 31 |
If you initiate a full withdrawal and have a funded account for at least 90 days, all applicable fees, including the Fixed Account Fee, will be assessed before your money is distributed.
If an account does not have a sufficient balance to cover the Fixed Account Fee assessed at the end of the quarter, the remaining amount in the account will be assessed and the account balance will be $0.
If your account balance is $15.00 or less at the time you initiate a full withdrawal, the Fixed Account Fee will be waived.
| Fee | Description | Amount | When Assessed |
|---|---|---|---|
| Paper Delivery Fee | Fee for paper delivery of account statements, disclosure materials, transaction & profile confirmations, and other communications (excluding IRS Tax forms). | $1.25 per quarter. ($5.00 annually) |
The Paper Delivery Fee is assessed at the end of each quarter. It will not be assessed until at least 90 days after the initial contribution and will not be assessed for the quarter in which the first contribution is made. This fee can be avoided by opting into electronic delivery. |
Save Money: Go Paperless! You can save $1.25 per quarter ($5.00 per year) by setting your account document delivery preference to electronic delivery for both Account Statements and Transaction & Profile Confirmations.
It’s fast, secure, better for the environment, and more affordable for you.
| Fee | Description | Amount | When Assessed |
|---|---|---|---|
| Paper Check Fee | Fee for the delivery of funds by paper check. If there are insufficient funds to cover this fee, the saver will be directed to set up electronic bank transfer (ACH withdrawal) to a bank account. |
$5.00 per check. | Upon request of a paper check. |
Establish Electronic Bank Transfer - You can avoid this fee by establishing electronic bank transfer (ACH) before you initiate a distribution/withdrawal.
When you set-up electronic bank transfer (ACH), you also have the ability to deposit additional funds into your account to invest.
How these fees are assessed
Paper Delivery Fee
Paper Check Fee