Skip to main content

You are here


Data on CalSavers’ First 6 Months Released

State Auto-IRA Plans

The California Secure Choice Retirement Savings Board has released a report on the first six months of the Golden State’s retirement savings program for residents whose employers do not offer a retirement plan. 

Under the program, California employers with five or more employees that don’t offer a retirement plan must either sponsor a retirement plan or participate in CalSavers. It was launched on July 1, 2019.

According to the report, as of Dec. 31, 2019:


  • 628 employers had registered
  • 142 employers had started payroll deductions


  • There were 3,762 funded accounts
  • There were 4,033 accounts that had been established but to which contributions had not been made yet
  • 258 employees had left the program
  • The opt-out rate was 30%

Dollars and Cents

  • Assets totaled $1,421,847
  • The average contribution rate was 5% 
  • Contributions totaled $1,560,822
  • There had been 382 full and 60 partial withdrawals that amounted to $154,520
  • The average account balance was $378

Future Rollouts

The program’s three-year phased rollout has staggered registration deadlines based on employer size, as follows: 

Employer Size

Deadline by Which Registration Is Mandatory

More than 100 employees 

June 30, 2020

More than 50 employees

June 30, 2021

More than five employees

June 30, 2022

For more information on state-run plans, Visit our state auto-IRA plan resource center.