Like a rising summer thermometer, CalSavers’ registrations, accounts and assets have been climbing higher. And the CalSavers Retirement Savings Board, which administers the state-run retirement plan for employees whose employers don’t offer one, reports that by many measures the growth has been consistent.
Some of the growth reflects the June 30, 2022 deadline for employers with five or more employees in the Golden State to register with CalSavers.
CalSavers, formally launched on July 1, 2019, has required employers to either begin offering a retirement plan if they had not done so or register with the program, in waves based on the size of their workforce. Employers with more than 100 employees were to do so by Sept. 30, 2020; those with 50 or more employees had until June 30, 2021.
Registrations jumped sharply between May 31 and June 30. Subsequent rates in other areas jumped between June 30 and July 31, reflecting the new activity by the suddenly higher number of employers that registered in June—such as employers that started payroll deductions, Payroll contributing accounts and total assets. Similarly, withdrawals and opt-out rates also grew at a higher rate.
More specifically, CalSavers grew by the following measures:
| Measure | As of July 31, 2022 | As of June 30, 2022 | As of May 31, 2022 | As of April 30, 2022 |
| Employers registered | 103,994 | 98,417 | 56,556 | 43,498 |
| Employers that have started payroll deductions | 19,738 | 14,756 | 12,261 | 10,726 |
| Payroll contributing accounts | 325,422 | 301,124 | 285,275 | 273,433 |
| Total assets | $256,256,844 | $223,049,153 | $221,629,703 | $204,517,022 |
| Average funded account balance | $854 | $806 | $845 | $813 |
Withdrawals
Participants may make withdrawals from their accounts as well. The amount withdrawn and the number of account holders who made withdrawals grew.
| Measure | As of July 31, 2022 | As of June 30, 2022 | As of May 31, 2022 | As of April 30, 2022 |
| Withdrawals | $44,795,475 | $40,893,704 | $36,899,929 | $33,500,306 |
| Accounts with a partial withdrawal | 4,548 | 4,153 | 3,784 | 3,412 |
| Accounts with a full withdrawal | 47,256 | 44,540 | 42,066 | 39,833 |
Opt-Outs
Participants may opt out of CalSavers. The percentage of participants opting out grew by less than one-tenth of one percentage point since February.
| As of July 31, 2022 | As of June 30, 2022 | As of May 31, 2022 | As of April 30, 2022 |
| 37.56% | 36.64% | 33.34% | 31.83% |
- Log in to post comments