They took money for this from my paycheck for a oncall part time job, wihout asking me if I wanted this, then the CALSAVERS never sent anyting within 30 days to opt out as they leglly should they said to opt out with no fees. Then CASavers charges fees to get your uapproved money out from their accounts to roll over the money into another IRA or your bank whem you opt out and admit they were legally supposed to give opt out waiver within 30 days but never did that. Plus IRS will charge a penalty if you also have your own business self employed and put max $6500 in a ROTH IRA already- yet 6 mo into the year CASAVErRS started in May and added money from your check to them without approval. So many may incur IRS fees also I think 6% or more. It totally seems illegal and crazy CA is allowed to do this. Some legal firm should file a case, against the CA gov't and CASAVERS for this raquet.
If I were an small employer, I'd look into a SIMPLE IRA plan for my employees or advocate that my employees unenroll from CalSavers and sign up with Fidelity.
"Free" is not Free - The only winner here is the mutual fund company with 0.825% to 0.95% management fee. Encourage your employees to open a Roth IRA account with Vanguard or some company/fund with low expense rate. Vanguard have an average fund fee of 0.090%. CA is so pathetic. Trying to scam the folks that can't afford.
I don't understand how autoenrolling employees into Roth IRAs, plans that they have access to independent of their employers (provided they have earned income), and charging them .95% for assets under management with an additional ~.5% expense ratio for the default target date fund where their contributions are allocated, is a good idea. How did the State of California sign off on this? While data shows that most are saving enough for retirement, employees' money could be better allocated to paying down high-interest debt, etc. They certainly don't need a lamprey like Ascensus LLC. draining ~1.5% of their hard-earned money when cheaper options (e.g. Fidelity, Vanguard, Schwab, ...) exist.
There are specific reasons why this exists. It's for 1. Employee who don't know and won't bother to figure out what an IRA or other retirement and savings vehicles exists. 2. Employers who don't want to or can't spend the time explaining and teaching these things to employees. People who have your point of view are right, there are better options, sure but you guys always forget is there are always many, many people who are clueless or lazy. You have to literally hand them the thing, idea, plan etc on a platter for them to even notice it. Sounds ridiculous right bc everyone should be taking care of their retirement? Take a look at minorities. A large % of those groups don't know how something as simple as stocks work. What do many of them do? Ignore retirement, save a little each month in accounts that they can easily withdraw from or my fav: expect their kids to take care of them in retirement. Yeah.... So I appreciate this program even if its not a great option. It can at least be used to teach and reach employees who normally would end up in poverty or working way past 65.
In real life, very few workers sign up for IRAs independently. CalSavers fees will go down as average balance goes up, given that must members only recently started contributing. Right now average balances are way under $1k, so each account is paying just a few dollars a year in fees. At the end of the day, CalSavers will improve retirement outcomes for hundreds of thousands of workers who otherwise would have saved nothing. As they say, don't let the perfect be the enemy of the good.
How is this a "voluntary" action for employees when they will be auto-enrolled after 30 days if they don't opt-out? There is time and cost associated for the employers just by having to set up the payroll item and sending a check, also by having to update employee rosters.
It's a fraud= CALSAVERS didn't send us the letters that we even were automatically enrolled until 45 days later and then charges fees for the 30 day opt out waive fee period ending and won't remove fees for their admitted erros. Sounds liek a raquet and fraud. Plus if people work also on their own businesses they may have already put them max allowed into their own IRA now they will have IRS fees. How is CA legally allowed to do this? On par wit their other draconian madates though. Why so many are moving out.
You do Not want this ,do some research it's horrible and this fund has been mismanaged year and years and is running on 15 million dollar loan ,and if something happens you get zero back ,there are way better options and more secure one's.
The pages on the slides are blurry, can't read them. He mumbles a lot during his presentation especially towards the end of each topic. Can't understand what he's saying.
DO not get calsavers if you're low income!!!! Which is ironic since the state designed it for low income residents. The concept is great, but the state did not prepare any of the other state benefit agencies for calsavers. If you get calsavers, you will lose your housing, your foodstamps, and medi-cal. The issues that arise are that, for instance, SHRA section 8 requires monthly statements on everything which calsavers does not provide which means if you can't provide a month to month statement they will deny your benefits. Also, has you save money, you will hit a threshold of saved money that many of these programs will start to consider you wealthier than you actually are. Denying you benefits. This is a horrid situation for a program that's forcing companies to offer low income workers, I would recommend NOONE get this until the state figures out how this affects other programs low income workers rely on. DONT GET IT!!
Calsavers has a custodian fee nearing 1% of portfolio value which will eat away at earnings over time. Total rip-off. You are better off signing up for an IRA on your own through a brokerage with no custodian fee than using this program.
Q This doesn't sound 😐 good My ROTH IRA pays me $$$ THIS IS THE EXACT 💯 OPPOSITE You're forced into spending 🙄 money That's growing FOR YOU AND NOT THE SAVERS Q hint: opt OUT asap....this scammer needs to be sued. Q ❤️
They took money for this from my paycheck for a oncall part time job, wihout asking me if I wanted this, then the CALSAVERS never sent anyting within 30 days to opt out as they leglly should they said to opt out with no fees. Then CASavers charges fees to get your uapproved money out from their accounts to roll over the money into another IRA or your bank whem you opt out and admit they were legally supposed to give opt out waiver within 30 days but never did that. Plus IRS will charge a penalty if you also have your own business self employed and put max $6500 in a ROTH IRA already- yet 6 mo into the year CASAVErRS started in May and added money from your check to them without approval. So many may incur IRS fees also I think 6% or more. It totally seems illegal and crazy CA is allowed to do this. Some legal firm should file a case, against the CA gov't and CASAVERS for this raquet.
If I were an small employer, I'd look into a SIMPLE IRA plan for my employees or advocate that my employees unenroll from CalSavers and sign up with Fidelity.
"Free" is not Free - The only winner here is the mutual fund company with 0.825% to 0.95% management fee. Encourage your employees to open a Roth IRA account with Vanguard or some company/fund with low expense rate. Vanguard have an average fund fee of 0.090%. CA is so pathetic. Trying to scam the folks that can't afford.
I don't understand how autoenrolling employees into Roth IRAs, plans that they have access to independent of their employers (provided they have earned income), and charging them .95% for assets under management with an additional ~.5% expense ratio for the default target date fund where their contributions are allocated, is a good idea. How did the State of California sign off on this? While data shows that most are saving enough for retirement, employees' money could be better allocated to paying down high-interest debt, etc. They certainly don't need a lamprey like Ascensus LLC. draining ~1.5% of their hard-earned money when cheaper options (e.g. Fidelity, Vanguard, Schwab, ...) exist.
There are specific reasons why this exists. It's for 1. Employee who don't know and won't bother to figure out what an IRA or other retirement and savings vehicles exists. 2. Employers who don't want to or can't spend the time explaining and teaching these things to employees. People who have your point of view are right, there are better options, sure but you guys always forget is there are always many, many people who are clueless or lazy. You have to literally hand them the thing, idea, plan etc on a platter for them to even notice it. Sounds ridiculous right bc everyone should be taking care of their retirement? Take a look at minorities. A large % of those groups don't know how something as simple as stocks work. What do many of them do? Ignore retirement, save a little each month in accounts that they can easily withdraw from or my fav: expect their kids to take care of them in retirement. Yeah.... So I appreciate this program even if its not a great option. It can at least be used to teach and reach employees who normally would end up in poverty or working way past 65.
In real life, very few workers sign up for IRAs independently. CalSavers fees will go down as average balance goes up, given that must members only recently started contributing. Right now average balances are way under $1k, so each account is paying just a few dollars a year in fees. At the end of the day, CalSavers will improve retirement outcomes for hundreds of thousands of workers who otherwise would have saved nothing. As they say, don't let the perfect be the enemy of the good.
This was very helpful, professional and concise. Very much appreciated!
How is this a "voluntary" action for employees when they will be auto-enrolled after 30 days if they don't opt-out? There is time and cost associated for the employers just by having to set up the payroll item and sending a check, also by having to update employee rosters.
Voluntary??? Or mandate?? In their own words.... 1:58
It's a fraud= CALSAVERS didn't send us the letters that we even were automatically enrolled until 45 days later and then charges fees for the 30 day opt out waive fee period ending and won't remove fees for their admitted erros. Sounds liek a raquet and fraud. Plus if people work also on their own businesses they may have already put them max allowed into their own IRA now they will have IRS fees. How is CA legally allowed to do this? On par wit their other draconian madates though. Why so many are moving out.
After an employer enrolls employees will employees be notified via mail?
You do Not want this ,do some research it's horrible and this fund has been mismanaged year and years and is running on 15 million dollar loan ,and if something happens you get zero back ,there are way better options and more secure one's.
How do i opt out?
Voluntary??? Or mandate?? In their own words.... 1:58
The pages on the slides are blurry, can't read them. He mumbles a lot during his presentation especially towards the end of each topic. Can't understand what he's saying.
DO not get calsavers if you're low income!!!! Which is ironic since the state designed it for low income residents. The concept is great, but the state did not prepare any of the other state benefit agencies for calsavers. If you get calsavers, you will lose your housing, your foodstamps, and medi-cal. The issues that arise are that, for instance, SHRA section 8 requires monthly statements on everything which calsavers does not provide which means if you can't provide a month to month statement they will deny your benefits. Also, has you save money, you will hit a threshold of saved money that many of these programs will start to consider you wealthier than you actually are. Denying you benefits. This is a horrid situation for a program that's forcing companies to offer low income workers, I would recommend NOONE get this until the state figures out how this affects other programs low income workers rely on. DONT GET IT!!
Rrrrasioookokj I 🎉🎉🎉e t 😮iMacok love lo😮😮 f 😢
Calsavers has a custodian fee nearing 1% of portfolio value which will eat away at earnings over time. Total rip-off. You are better off signing up for an IRA on your own through a brokerage with no custodian fee than using this program.
No thanks. I'll manage my own $
Q
This doesn't sound 😐 good
My ROTH IRA pays me $$$
THIS IS THE EXACT 💯 OPPOSITE
You're forced into spending 🙄 money
That's growing FOR YOU AND NOT THE SAVERS
Q hint: opt OUT asap....this scammer needs to be sued.
Q ❤️