CalSavers is a retirement savings program designed by the State of California to address the retirement security crisis. Mandated by state law, the program provides a simple, portable, and low-cost way for private-sector employees to save for retirement if their employer does not offer a workplace retirement plan. Eligible employees are automatically enrolled, with contributions deducted from their paycheck and deposited into a personal Roth IRA. While enrollment is automatic, participation is voluntary, and individuals can opt-out at any time. The program is overseen by the CalSavers Retirement Savings Board, chaired by the California State Treasurer.

Founded in

United States