What This Means for Taxpayers
- There will be NO cost to taxpayers. State law prohibits the state from incurring any liability or obligation for the payment of benefits for the program. CalSavers will be self-sustaining through participant fees. Initial startup costs will be paid using a loan from the state general fund and will be repaid by the Program.
- The State would will have no liability for the Program funding, investment performance, or the payment of benefits to CalSavers participants.
- By enabling participants to save for retirement, they will be less reliant on taxpayer funded public services when they retire.