The CalSavers program is California’s state-run retirement savings plan designed to provide a simple and accessible retirement solution for workers whose employers do not offer a retirement plan. This program is primarily a Roth IRA account that allows automatic contributions through payroll deductions. The program is mandatory for most employers, and employees are automatically enrolled unless they opt out. Here’s how to navigate the CalSavers login process.
How to Log into CalSavers
To access your account, follow these simple steps:
- Visit the CalSavers Website: Go to www.calsavers.com.
- Select “Login”: On the homepage, click on the “Login” button at the top-right corner.
- Enter Your Credentials: Provide your username and password. If you’ve forgotten your credentials, you can reset them via the “Forgot Username” or “Forgot Password” options.
- Manage Your Account: Once logged in, you can view your account balance, update your contribution rate, and modify investment options.
Key Features of CalSavers
- Automatic Enrollment: Employees are automatically enrolled after 30 days if they do not take action to opt out. The default contribution is 5% of your gross pay, with automatic annual increases.
- Portable Account: Even if you switch jobs, your CalSavers account remains with you, making it an excellent option for job-hoppers.
- Self-Employed Option: If you are self-employed or don’t work for an employer that offers CalSavers, you can sign up on your own and set up contributions directly from your bank account.
How Employers Use CalSavers
Employers are required to facilitate CalSavers for their employees unless they already provide a retirement plan. Once registered, employers only need to handle payroll deductions and keep the employee roster up to date. The program does not involve any employer contributions or fees.
Benefits of Using CalSavers
- No Employer Fees: There are no costs to employers.
- Flexible Contributions: Employees can set and adjust their contribution rates and investment choices.
- Opt-Out Option: Employees have the freedom to opt out at any time, but can also re-enroll if they wish to participate later.
FAQ
- What is CalSavers?
- CalSavers is a state-sponsored retirement savings program for employees in California whose employers do not offer a retirement plan. It operates through payroll deductions into a Roth IRA.
- How do I log into CalSavers?
- Visit the CalSavers website and click on “Login” to access your account using your username and password.
- Can I opt out of CalSavers?
- Yes, employees can opt out at any time, and they can also opt back in whenever they choose.
- Is there a fee to participate in CalSavers?
- There are no employer fees, and employees only pay low fees associated with their selected investments.
- What happens if I change jobs?
- Your CalSavers account is portable, meaning it stays with you even if you leave your current employer.
For more detailed information, you can visit the official CalSavers website
