CalSavers State Retirement Initiative Expanded to More Workers

California is expanding its state-facilitated workplace retirement savings program to cover almost all private-sector employees.

Gov. Gavin Newsom has signed into law an amendment to the state’s CalSavers plan that automatically enrolls private-sector workers into government-sponsored individual retirement accounts.

The amendment (S. 1126) requires participation from all employers in the state with at least one worker, lowering the minimum threshold from five.

Roughly 2.4 million California workers are currently eligible for participation in the CalSavers program. The expansion could add up to 750,000 more, according to the Treasurer’s office.

The expansion is expected to take effect Jan. 1, ...