What is CalSavers: CalSavers is a retirement savings program established by the state of California to help make it easier for employees to save for their future. This is an Individual Retirement Account (IRA) that belongs to you and stays with you even if you work for another employer in the future. This program is voluntary; however does require some action on your part. If you don’t take any action, the program is an auto-enrollment, and we’re required to start withholding a 5% deduction from your weekly earnings.
Timeline and what to look out for: Within 30 days of your start date, you’ll receive an email with a welcome packet and invitation to participate in CalSavers. This packet includes the benefits of savings for retirement, the timeframe to decide if you’d like to start saving and how to set up and customize your account, and if you wish not to participate, how to opt out of the program.
You’ll receive an email from a company called Ascensus (clientservices@calsavers.com), which is working with the State of California to administer the program.
What happens if you don’t take action: If you don't take any action within 30 days of receiving your invitation - by not signing into your account or you haven’t opted out, you’ll be automatically enrolled in the program.
What happens if you’re automatically enrolled? We’ll start withholding a 5% deduction from your weekly earnings and will make contributions to your CalSavers account on your behalf.
Who to contact with questions: If you have any questions regarding the program, you’ll need to reach out to CalSavers directly. You can visitwww.calsavers.com, under the SAVERS tab; resources about the program are available. You can also call them directly at 855-650-6918, 8 am-8 pm PT Monday-Friday. Multilingual support is also available.
Disclaimer: The Company does not sponsor or maintain CalSavers. Our involvement in CalSavers is limited to processing your payroll withholding contributions to the program and remitting them to CalSavers. We do not promise any particular investment return on your savings under CalSavers. In accordance with federal government regulations, we do not endorse CalSavers or provide financial advice. All administration of the plan is handled directly between you and CalSavers.