California Savings Plus

FINALIST

Sandy Blair
Chief, Administrator

Location:

Sacramento, California
Industry:

Government 
Plan(s) Offered:

401(k); 457(b); defined benefit managed by California Public Employees Retirement System 
Plan Assets:

401(k) – $12.6B; 457(b) – $12.6B
Number of Participants:

262,141 (total)
DC Plan Participation Rate:

63%
DC Plan Average Deferral Amount:

$890 per month
Automatic Enrollment:

No
Automatic Escalation:

No
Default Deferral Rate for Auto-Enrollment:

N/A
Default Investment Fund:

State Street Target Retirement Funds, Class 1
DC Plan Employer Contribution:

State of California has no overarching employer contribution. It has, however, negotiated for over 28,000 members of the state’s Corrections group at 1% of base salary
Recordkeeper:

Nationwide Financial
Plan Adviser:

Callan
Financial Wellness Educator(s):

Nationwide Financial

Since June 2022, the chief administrator of the California Savings Plus Plan has led comprehensive modernization to align the plan with industry best practices and improve participant outcomes. Strategic planning, performance reporting and strong partnerships with the recordkeeper and consultants drove major investment lineup reforms, saving participants more than $24 million annually in fees. Initiatives included large-scale fund mapping, improved contracts, enhanced participant education, and staffing realignment. Collective bargaining successes introduced automatic enrollment, with employers making contributions for over 28,000 safety employees. A digital enrollment redesign significantly increased participation, efficiency and engagement. The total coordinated efforts strengthened retirement readiness statewide.

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