Letter from Treasurer Ma

July 2019

Dear friends,

When that greatly anticipated date of your retirement finally arrives will you be ready?

CalSavers, California’s state-sponsored retirement savings program for private sector workers, can put you in the position to answer that question with a confident, “Yes.”

Launching July 1, CalSavers is California’s best answer to the retirement crisis that threatens to leave far too many workers empty handed later in life – just because they happen to lack access to a savings program through their workplace.

This is no small matter. Over half of working Californians lack such access and a vast number are minorities.

Now, with CalSavers, millions of these California workers will have access to a simple, convenient way to save for their futures.

CalSavers allows employers to help employees save for retirement in a way that does not cost a company a single penny in fees. This can be important to small companies in particular.

Workers at Red Bay Coffee in Oakland now have access to CalSavers retirement savings accounts.

Ask Red Bay Coffee in Oakland. Founded by artist Keba Konte in 2014, Red Bay signed on for CalSavers during the program’s pilot period.

Whether a worker or an employer there’s more information about CalSavers in this newsletter you will want to learn, including what companies can expect from the phased rollout of the program over the next few years. So, read on.

In Peace & Friendship,

Fiona Ma, CPA
California State Treasurer