CalSavers reports that the program the state of California provides for employees whose employers do not offer a retirement plan showed growth in the number of participating employers last month.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by almost 25%.
CalSavers growth rates in other areas did not show such a dramatic increase. Assets grew by 6.6%. The number of payroll contributing accounts grew 4% in November, and 4.6% more employers started making payroll deductions through the program by the end of the month. And the average funded account balance grew by 2.7%.
More specifically, CalSavers grew by the following measures:
| Measure | As of Oct. 31, 2021 | As of Nov. 30, 2021 | Change, October -November | % Change, October -November |
| Employers registered | 17,025 | 21,191 | + 4,166 | + 24.5% |
| Employers that have started payroll deductions | 6,277 | 6,566 | + 289 | + 4.6% |
| Payroll contributing accounts | 216,504 | 225,179 | + 8,675 | + 4.0% |
| Total assets | $144,760,876 | $154,303,495 | +$9,542,619 | + 6.6% |
| Average funded account balance | $718 | $738 | + $20 | + 2.7 |
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 The amount withdrawn and the number of account holders who made withdrawals grew.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 Oct. 31, 2021 | As of Nov. 30, 2021 | Change, October -November | % Change, October -November |
| Withdrawals | $15,665,723 | $18,105,870 | +$2,440,147 | + 15.6% |
| Accounts with a partial withdrawal | 1,702 | 1,995 | + 293 | + 17.3% |
| Accounts with a full withdrawal | 27,000 | 28,973 | + 1,973 | + 7.3% |
Opt-Outs
Participants may opt out of CalSavers. The percentage of participants opting out grew slightly from Oct. 31 to Nov. 30. The rates, however, are lower than those of much of 2021; for much of the year, opt-outs have held at around one-third.
| As of Oct. 31, 2021 | As of Nov. 30, 2021 | Change, October -November | % Change, October -November |
| 29.6% | 29.79% | + 0.19 percentage points | - 0.7% |
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