It may be winter, but the heat continues for CalSavers. The CalSavers Retirement Savings Board, which administers CalSavers, reports that the program continues to grow. In fact, growth in January outstripped that of December regarding total assets and average funded account balance.
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.
More specifically, CalSavers grew by the following measures:
| Measure | As of Jan. 31, 2023 | As of Dec. 31, 2022 | As of Nov. 30, 2022 |
| Employers registered | 117,102 | 115,705 | 112,452 |
| Payroll contributing accounts | 438,073 | 428,534 | 416,670 |
| Total assets | $423,386,300 | $372,985,470 | $359,143,381 |
| Average funded account balance | $1,050 | $942 | $933 |
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 The amount withdrawn and the number of account holders who made withdrawals grew more strongly from Dec. 31 to Jan. 31 than it did from Nov. 30 to Dec. 31.
| Measure | As of Jan. 31, 2023 | As of Dec. 31, 2022 | As of Nov. 30, 2022 |
| Withdrawals | $75,909,514 | $68,275,908 | $63,188,768 |
| Accounts with a partial withdrawal | 7,509 | 6,864 | 6,357 |
| Accounts with a full withdrawal | 67,169 | 62,713 | 59,985 |
Opt-Outs
Participants may opt out of CalSavers. The percentage of participants opting out has been almost the same for the last three months.
| As of Jan. 31, 2023 | As of Dec. 31, 2022 | As of Nov. 30, 2022 |
| 36.69% | 36.84% | 36.95% |
- Log in to post comments