News | 12.03.18
Grand Experiment in Retirement Savings Gets Under Way in California
CalSavers, a state-run retirement program for workers in California whose employers don't offer one, started signing up 20 employers for a pilot project two weeks ago and will add more volunteer companies through June 30. By June 2022, all private-sector employers with five or more workers that don't offer a qualified retirement plan will have to register with CalSavers. Getting those people to save for retirement will help them and the public because “we will have fewer people reliant on social services and the state safety net,” said CalSavers Executive Director Katie Selenski. But critics question whether it will discourage employers from offering more generous plans and whether it will become big enough to become self-sustaining and pay back a startup loan from a general fund.
Read the full article on San Francisco Chronicle