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CalSavers is California’s state-run retirement savings program for workers who do not have access to a workplace retirement plan. Eligible employers that do not offer a qualified retirement plan generally must facilitate employee participation in the program.
CalSavers is California's state-run retirement savings program for workers who don't have access to a retirement plan through their employer. The program gives eligible employees a way to save for retirement through payroll deductions into an individual retirement account, or IRA.
California employers with one or more eligible employees generally must participate in CalSavers if they don't already offer a qualified workplace retirement plan. Employers that already sponsor an eligible plan, such as a 401(k), may request an exemption instead.
Employees of participating employers are generally eligible if they are at least 18 years old and meet California's definition of an employee. Eligible employees are automatically enrolled unless they choose to opt out, and they can change their contribution rate or investment selections through CalSavers.
The employer's role is mainly administrative. Participating employers register with CalSavers, add eligible employees, process payroll deductions, and send those contributions to the program. Employers don't make contributions to employee accounts and don't have fiduciary responsibility for the program.
Registration deadlines have already passed for many employers. The mandate expanded to businesses with as few as one eligible employee, with the registration deadline for employers with one to four employees reaching December 31, 2025. Employers that missed an applicable deadline may need to register promptly or face enforcement action.
California employers with one or more eligible employees generally must facilitate CalSavers if they don't offer a qualified retirement plan and don't otherwise qualify for an exemption.
No. Employees fund their own accounts through payroll deductions. Participating employers facilitate the program, but CalSavers does not require them to make employer contributions.
Yes. Eligible employees of participating employers are generally automatically enrolled unless they choose to opt out. Employees can also make changes to their contribution elections through the program.
An employer that already sponsors a qualified retirement plan generally doesn't have to facilitate CalSavers. The employer may still need to report its exemption through the CalSavers employer portal if requested.