Skip to main content

You are here


No Winter Chill for CalSavers

Practice Management

It may be winter, but the heat continues for CalSavers. The CalSavers Retirement Savings Board, which administers CalSavers, reports that the program continues to grow. In fact, growth in January outstripped that of December regarding total assets and average funded account balance.

More specifically, CalSavers grew by the following measures: 


Measure As of Jan. 31, 2023 As of Dec. 31, 2022 As of Nov. 30, 2022
Employers registered 117,102 115,705 112,452
Payroll contributing accounts 438,073 428,534 416,670
Total assets $423,386,300 $372,985,470 $359,143,381
Average funded account balance $1,050 $942 $933


Participants may make withdrawals from their accounts as well. The amount withdrawn and the number of account holders who made withdrawals grew more strongly from Dec. 31 to Jan. 31 than it did from Nov. 30 to Dec. 31.  

Measure As of Jan. 31, 2023 As of Dec. 31, 2022 As of Nov. 30, 2022
Withdrawals $75,909,514 $68,275,908 $63,188,768
Accounts with a partial withdrawal 7,509 6,864 6,357
Accounts with a full withdrawal 67,169 62,713 59,985


Participants may opt out of CalSavers. The percentage of participants opting out has been almost the same for the last three months. 

As of Jan. 31, 2023 As of Dec. 31, 2022 As of Nov. 30, 2022
36.69% 36.84% 36.95%

CalSavers, formally launched on July 1, 2019, has required employers to either begin offering a retirement plan if they had not done so or register with the program, in waves based on the size of their workforce. Employers with more than 100 employees were to do so by Sept. 30, 2020; those with 50 or more employees had until June 30, 2021. As of Jan. 1, 2023, nearly all employers are able to participate in CalSavers. Employers with fewer than five employees will be required to register after Dec. 31, 2025, if they have not already done so.