CalSavers Retirement Program Launches

A new statewide retirement savings program called CalSavers was introduced today at Sacramento City Hall.

CalSavers is new savings program for the 7.5 million California workers currently without access to a workplace retirement program.

California State Treasurer John Chiang said they're beginning the pilot program with a small stream of companies, but the vision is large.

"CalSavers will help facilitate the most sweeping and ambitious expansion of our retirement savings system since Social Security," Chiang said. 

In the middle of next year, the program will fully open statewide for enrollment. Employers with 50 or more employees will be required to register within two years of the launch date.

The state said CalSavers won't cost taxpayers anything and they also said there are no costs to employers. It's paid for by employee fees - 5 percent per paycheck.

"By facilitating a retirements savings plan for their employees, they'll be on equal footing with their larger competitors," Chaing said. 

For more information on CalSavers, click here.

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