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 The amount withdrawn, as well as the number of accounts whose holders made withdrawals, also grew in March.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