featured graphic for California State Treasurer Fiona Ma

CalSavers is first state-sponsored retirement program in nation to offer an ESG option, selects Newton

California State Treasurer Fiona Ma announced the selection of Newton Investment Management North America Limited (Newton) to provide an environmental, social, and governance (ESG) investment option as part of the lineup for CalSavers.

The selection was made during a monthly meeting of the board that governs CalSavers, chaired by Treasurer Ma.

“California workers now have even more reason to open a CalSavers account and feel good about investing in their futures,” the Treasurer said. “They can now choose to put their retirement savings into investments that protect the environment and champion a more fair and just world.”

CalSavers’ pilot began in November and will be open to all Californians in July. CalSavers was designed to help 7.5 million hard-working private-sector workers gain access to a retirement savings program. The state-backed program — the first in the nation to offer an ESG option — provides employees access to a completely voluntary, low-cost, portable retirement savings vehicle, featuring professionally managed investments and oversight provided by a public, transparent board of directors.

Under California state law, any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle is required to offer one either through the private market or by providing employees with access to CalSavers. The program bears no cost to taxpayers or employers. It is sustained by participant fees.

The deadline for employer compliance depends on the number of employees. Employers with 100 or more employees that do not offer a retirement plan will have one year from the full program launch date. Employers with 50 or more employees, and those with 5 or more employees, have two and three years, respectively.

For more information about CalSavers, visit the CalSavers website, email [email protected], or follow the program on Twitter at @CalSavers.

This article was released by the California State Treasurer’s Office.