05: Opting in or out of CalSavers
Every registered employee has a CalSavers account, whether they choose to opt in or out.
If an employee opts out within 30 days of registration, they will not have contributions withdrawn from their paycheck. Their account will remain active, however, if the employee decides to opt in later.
Opting out anytime after the initial 30-day period will stop future contributions. Any funds that have already been contributed to CalSavers can remain in place, or they can transfer or roll over funds to another Roth IRA. They can also request a withdrawal.
There are several ways to opt out:
- Use the online form in your account
- Call Client Services at 855-650-6918
- Download and complete the opt-out form and mail it in.
Note that an employer can submit an opt-out form on behalf of an employee, but the employee needs to actually fill out the form first.