California Law requires employers to register for CalSavers by
June 30, 2022, if they do not offer an employer-sponsored retirement plan and have 5 or more employees in California. There are no employer fees and signing up takes just a few minutes.

Employee who want to opt out:

“You can opt out online or by contacting Client Services at 855-650-6918 or clientservices@calsavers.com. You can also opt out by mail using the form found on our website. In order to opt out, you must provide the last four digits of their Social Security Number or Individual Tax Identification Number, date of birth, and ZIP Code.

If you opt out within the 30-day period after the Program administrator notifies you to confirm the establishment of your CalSavers Account and provides you with instructions on how to access the Program Documents (the “30-Day Notification Period”), no payroll deductions will be made on your behalf, and your CalSavers account will not be activated. If you choose to end your participation in the Program after the 30-Day Notification Period and payroll deductions have started, your payroll deductions will generally be terminated before the next pay cycle, no later than 30 days after your request. If contributions have already been made into your CalSavers account, you may: (i) leave your money in your CalSavers account to grow your retirement savings; (ii) transfer or roll over your CalSavers account to another Roth IRA; or (iii) request a distribution at any time, subject to Roth IRA distribution laws. NOTE: any investment earnings withdrawn may be taxable and subject to “early withdrawal” tax penalties. See DISCLOSURE STATEMENT – Income Tax Consequences of Establishing a Roth IRA for more information and contact your tax advisor for assistance.

Other information to note:

After your employer registers, eligible employees will be enrolled in the Program automatically, unless they choose to opt out. If you were hired on or before the date your employer registers with the Program, the Program will enroll you within 30 days after your employer registers with the Program, unless you choose to opt out. If you were hired after your employer registers with the Program, you will be enrolled automatically within 30 days of your date of hire or date of eligibility, unless you choose to opt out.

When your employer facilitates their employees’ participation in the CalSavers program, they will provide the names, Social Security Number or Individual Tax Identification Number, and contact information of eligible employees to the CalSavers Program. The Program will then contact the employees directly using the email or mailing address provided by the employer and provide them an employee information packet, which details the program. When you receive the packet you can:

• Do nothing, and then after 30 days you will be automatically enrolled in the Program under the default elections;

• Customize your account online or by contacting Client Services to select a different contribution amount and/or investment option; or

• Decide not to participate and opt-out of the program by going online, by completing and returning the opt-out form in the employee information packet, or by contacting Client Services.

If the Program administrator is unable to process your enrollment for any reason, your employer will be notified immediately with instructions to not remit contributions on your behalf. The Program administrator will subsequently notify you. Such communications shall be held in the strictest confidence and shall not be used for any purpose outside of the Program.