CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in January while the opt-out rate held steady, according to the CalSavers Retirement Savings Board. This marks a continuation of the trends that the board reported in the 4th quarter of 2020 and from November to December.
Growth
The board reports growth in registrations, accounts and assets in January. The amount and number of withdrawals also grew in January. By month’s end, it says, the number of funded saver accounts grew to 106,581, with total enrollments at 268,922.
The board also reports growth in January by these measures:
| Measure | As of Jan. 31, 2021 | As of Dec. 31, 2020 | Change, Dec-Jan | % Change, Dec-Jan |
| Employers registered | 8,029 | 7,278 | + 751 | + 10.3% |
| Employers that have started payroll deductions | 2,537 | 2,203 | + 334 | + 15.2% |
| Accounts enrolled, 1st contribution pending | 162,341 | 148,003 | +14,338 | + 9.7% |
| Total assets | $35,846,458.11 | $28,369,064.31 | +$7,477,393.79 | +26.4% |
| Average funded account balance | $336.33 | $295.46 | + $40.87 | +13.8% |
Withdrawals
Participants may make withdrawals from their accounts as well. The amount withdrawn, as well as the number of accounts whose holders made withdrawals, also grew in January.
| Measure | As of Jan. 31, 2021 | As of Dec. 31, 2020 | Change, Dec-Jan | % Change, Dec-Jan |
| Withdrawals | $3,033,898.44 | $2,219,957.753 | +$813,940.91 | + 36.7% |
| Accounts with a partial withdrawal | 350 | 295 | +55 | +18.6% |
| Accounts with a full withdrawal | 9,477 | 6,929 | +2,548 | + 36.8% |
Opt-outs
Employees may opt out of participating in CalSavers. The board reports that the op-out rate in January was slightly lower than that in December, falling by 0.74 percentage points to 29.71%. The rate has been falling since September.
| Month | Opt-Out Rate | Change Since Previous Month |
| January | 29.71% | - 0.74 percentage points |
| December | 30.45% | - 0.37 percentage points |
| November | 30.82% | - 3.71 percentage points |
| October | 34.53% | - 0.01 percentage points |
| September | 34.54% | + 1.03 percentage points |
| August | 33.57% | + 2.03 percentage points |
| July | 31.54% | + 1.62 percentage points |
| June | 29.92% | -- |
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