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California Rolls Out Retirement Plan for Private-Sector Workers

July 1, 2019, 4:01 PM

California’s retirement savings program for private-sector employees launches July 1 with five investment options for enrollees.

CalSavers is open to all employers that don’t offer their own retirement options. By 2022, all employers of five or more workers must register with CalSavers or begin offering their own retirement programs. Employee participation in CalSavers is voluntary.

Self-employed workers can start participating Sept. 1.

The launch of the state-run program comes after an eight-month pilot that resulted in 1,586 funded accounts and average contributions of $85 a month, or 4.94% of earnings, from participants, according to a CalSavers news release. More than...

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