CalSavers, the state-run retirement plan for employees whose employers don’t offer one, showed growth in March—in some cases sharp growth.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by almost 26% from February levels.
CalSavers growth rates in other areas also showed growth that may not have been quite as dramatic, but was solid nonetheless. Assets grew by 9.4%, and 10.7% more employers started making payroll deductions through the program by the end of the month. And the average funded account balance grew by 5.1%, while the number of payroll contributing accounts grew 4.1%.
More specifically, CalSavers grew by the following measures:
| Measure | As of March 31, 2022 | As of Feb. 28, 2022 | Change, February -March | % Change, February -March |
| Employers registered | 38,215 | 30,395 | + 7,820 | + 25.7% |
| Employers that have started payroll deductions | 9,635 | 8,707 | + 928 | + 10.7% |
| Payroll contributing accounts | 263,527 | 253,027 | +10,500 | + 4.1% |
| Total assets | $204,725,602 | $187,206,191 | +$17,519,411 | + 9.4% |
| Average funded account balance | $841 | $800 | +$41 | + 5.1% |
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 The amount withdrawn and the number of account holders who made withdrawals grew.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 March 31, 2022 | As of Feb. 28, 2022 | Change, February -March | % Change, February -March |
| Withdrawals | $30,065,635 | $26,779,792 | +$3,285,843 | + 12.3% |
| Accounts with a partial withdrawal | 3,099 | 2,811 | +288 | + 10.2% |
| Accounts with a full withdrawal | 37,590 | 35,465 | +2,125 | +6.0% |
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 March 31, 2022 | As of Feb. 28, 2022 | Change, February-March | % Change, February-March |
| 31.01% | 30.36% | + 0.65 percentage points | -+2.1% |
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