The first half of 2023 brought slow—but relentless—growth in assets and registrants for CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not. So reports the CalSavers Retirement Savings Board, which administers the program.
More specifically, a snapshot of the first half of the year shows the following:
| Measure | As of Jan. 31, 2023 | As of March 31, 2023 | As of June 30, 2023 |
|---|---|---|---|
| Employers Registered | 117,102 | 117,842 | 117,898 |
| Payroll Contributing Accounts | 438,073 | 453,825 | 473,691 |
| Total Assets | $423,386,300 | $473,667,871 | $569,092,855 |
| Average Funded Account | $1,050 | $1,136 | $1,320 |
Withdrawals
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 The amount withdrawn and the number of account holders who made withdrawals grew more strongly from March 31 to June 30 than it did from Jan. 31 to March 31.
Opt-Outs
Participants may opt out of CalSavers. The percentage of participants opting out has held fairly steady, but has dropped slightly.
| As of Jan. 31, 2023 | As of March 31, 2023 | As of June 30, 2023 |
|---|---|---|
| 36.69% | 36.50% | 36.13% |
About CalSavers
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.
Reports concerning CalSavers monthly statistics are available here.
