California has joined neighboring Oregon in offering a functioning state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. The pilot for CalSavers formally launched on Nov. 19. Calpensions announced recently that the launch was impending.
CalSavers reports that the program management agreement is complete, as is the operational agreement with Ascensus and State Street Global Advisors (SSgA). It also says that the investment operations and procedures between Ascensus and SSgA are on track, and that Dec. 28 is the target is for them to be complete.
CalSavers also reports that its client service team went live on Oct. 22 to support the launch of the public website.
The deadlines for employers to register with CalSavers are as follows:
|Employer Size||Registration Deadline|
|100 or more employees||July 2019|
|50 or more employees||July 2020|
|Five or more employees||July 2021|