CalSavers’ Retirement Savings Board’s “2021 Year in Review Report” indicates that the state-run retirement program in California is seeing a steady 70% participation rate among eligible employees.
The report also notes that in January 2021, 95% of savers accepted the automatic escalation of their contribution rate by 1 percentage point (moving from contributing 5% to 6% for most). During 2021, the program also saw a 127% increase in the number of funded CalSavers accountholders, from 96,000 to 218,000.
Saver assets, which include saver contributions and investment returns and exclude withdrawals, grew 510%, from $28 million to more than $173 million by the end of 2021. The report says this growth was driven largely by new savers and new contributions. Total contributions, before withdrawals and investment returns, amounted to $187 million.
Thirty-five percent of savers had contributions from more than one employer by the end of the year. CalSavers says this shows the importance of the portability of the program.
CalSavers notes in the report that the retirement program was created to ensure all Californians have a way to save for retirement by requiring employers to participate in the program if they don’t already offer a retirement plan. So, the report notes, it seems natural that CalSavers employers tend to come from industries that do not typically sponsor retirement plans, including from hotels, restaurants, retail and other service industries. Data shows one-quarter...
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