Skip to main content

You are here

Advertisement

CalSavers Participation, Assets March Ahead

CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in March. The growth, however, was more modest by some measures than that in February

The CalSavers Retirement Savings Board reports that the number of funded saver accounts, total saver assets, employer registrations and the number of employers that started payroll deductions all increased in February. On the other hand, so did withdrawals and opt-outs.

More specifically, CalSavers grew during March by the following measures: 
 
 

Measure As of March  31, 2021 As of Feb. 28, 2021 Change, Jan.-Feb. % Change, Jan.-Feb.
Employers registered  9,957 9,458 + 499 + 5.3%
Employers that have started payroll deductions  3,280 2,885 + 395 + 13.7%
Accounts enrolled, 1st contribution pending 188,294 180,017 +8,277 + 4.6%
Total assets $54,756,571.53  $43,843,396.40 +$10,913,175.14 +24.9%
Average funded account balance $425.07 $374.45 +$50.62 +13.5%



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 The amount withdrawn, as well as the number of accounts whose holders made withdrawals, also grew in March. 

 

Measure As of March 31, 2021 As of Feb. 28, 2021 Change, Feb.-March % Change, Feb.-March
Withdrawals $4,920,092.73 $3,916,339.69 +$1,003,753.04 + 25.6%
Accounts with a partial withdrawal 497 438 +59 +25.1%
Accounts with a full withdrawal 13, 693 11,539 +2,154 + 18.7