CalSavers Retirement Savings Program
CalSavers is California’s retirement savings program. It’s for workers who do not have a way to save for retirement at work. With CalSavers, millions of California workers have the chance to get on track for their future—all without adding extra work or costs for employers.
Benefits for Employees and Employers
Employees
- Contribute to a Roth Individual Retirement Account (IRA) that belongs to you.
- Have the freedom to change from an IRA to a Traditional IRA.
- Opt out or opt back in at any time—you’re in control.
- Keep the standard options for savings rates and investments, or choose your own.
- Keep your account even if you change jobs.
- Get a default savings rate of 5%. You can change this rate at any time.
- Your savings rate will automatically increase by 1% each year until your savings rate reaches 8%, unless you choose otherwise.
Employers
- Registration is quick and easy.
- You’ll have limited responsibilities.
- There are no employer fees, no employer contributions, and no fiduciary responsibility.
- Meet with a Client Services team who can help you understand requirements and deadlines.
- Work with a multilingual outreach team who can speak with your employees.
What Employers Need to Know
If you have at least one employee and don’t already offer a retirement plan at work, you are required to sign up for CalSavers. The deadlines to register depend on the size of your business:
- 1–4 employees: Deadline is December 31, 2025.
- 5 or more employees: Deadline was June 30, 2022.
- More than 50 employees: Deadline was June 30, 2021.
- More than 100 employees: Deadline was September 30, 2020.
If your business recently grew to five or more employees or you stopped offering another retirement plan, you must register by the end of that calendar year.
How to Sign Up
Signing up is easy. Visit the Calsavers website to get started.