| | | Elroy, Elroy,Elroy,
You should not try to pull the wool over readers eyes.
You don't know anybody who has doesn't have enough retirement savings?
Then you have the nerve to credit it to Cal Savers?
You can bet my "Low rent" employees are entry level positions and they sport a much higher percentage rate of participation. It what they call "Free money" as my firm matches 50% of their contribution up to 6%.
They love it and it provides the first savings account (that we add to annually).
With a whopping 1224 members in the state and a 30% opt out being experienced - My bbet is you don't know anyone in Cal Savers.
You have to stop your liberal misinformation Elroy - it makes you look uninformed and quite frank a fraud!
Bob
As of Thursday, 1,224 employees had money in their CalSavers accounts, 359 were within the 30-day decision window and 1,370 were past the 30-day mark but awaiting their first payroll deduction.
The average contribution was 5% of pay and $83 a month. Total assets in the plan were $219,675.
Of those who could join, 21.4% opted out within 30 days and 1.3% opted out after they’d made a contribution, for a total opt-out rate of 22.7%.
The opt-out rate is running around 30% in Oregon’s plan, called OregonSaves.
Those rates are high compared with private-sector plans. Almost two-thirds of 401(k) plans featuring auto enrollment had opt-out rates of 5% or less and only 3% had opt out rates higher than 20% in 2017, according to the Plan Sponsor Council of America.
Let the free market work.
Those who need CalSavers are running to employers like me who contribute to their funds based on the company's level of profitability.
Legislation that is not participated in, by the many is failed legislation - which you rely on IT as answering real problems.
WHAT A JOKE!
PERHAPS PULLING YOUR HEAD OUT OF THE SAND WILL SHARPEN YOUR KNOWLEDGE.
Bob
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