Employee opt-outs from the CalSavers and Illinois Secure Choice retirement programs for employees whose employers do not offer a retirement plan were down as of the end of November.
Both plans allow employees to opt out of participating if they choose to do so. In both states, the opt-out rates have been near or above 30% during the period June-November 2020. The rate has been dropping consistently in Illinois during that time; California’s rose from June to September but has fallen since then.
CalSavers Opt-Out Rates
|
Month |
Opt-Out Rate |
Change Since Previous Month |
|
November |
30.82% |
- 3.71 percentage points |
|
October |
34.53 |
- 0.01 percentage points |
|
September |
34.54 |
+ 1.03 percentage points |
|
August |
33.57 |
+ 2.03 percentage points |
|
July |
31.54 |
+ 1.62 percentage points |
|
June |
29.92 |
-- |
Illinois Secure Choice Opt-Out Rates
|
Month |
Opt-Out Rate |
Change Since Previous Month |
|
November |
36.38% |
- 0.39 percentage points |
|
October |
36.77 |
- 0.35 percentage points |
|
September |
37.12 |
- 0.48 percentage points |
|
August |
37.60 |
- 0.35 percentage points |
|
July |
37.95 |
- 0.42 percentage points |
|
June |
38.37 |
- 0.21 percentage points |
Illinois Secure Choice’s opt-out rate for the first five months of 2020 fell from 39.48% in January to 38.58% in May.
