#United States #California #Ascensus #CalSavers #CalSavvy

Introduction

In a pioneering move for retirement savings, Ascensus has unveiled CalSavvy, an innovative AI-powered chatbot specifically tailored for California's state-sponsored auto-IRA programs. Designed to assist over 600,000 employers by the looming 2025 CalSavers registration deadline, CalSavvy marks a significant step forward in accessibility and efficiency in retirement planning. This initiative underscores Ascensus’ commitment to leveraging technology in addressing the retirement savings gap.

The Vision Behind CalSavvy

California State Treasurer, Fiona Ma, who chairs the CalSavers Retirement Savings Board, stated, "With CalSavers' new CalSavvy customer support solution, we're leveraging the power of artificial intelligence to close the retirement savings gap across the Golden State." CalSavvy is not just another chatbot; it is a bilingual service that provides immediate access to crucial information regarding the CalSavers program, thus empowering both savers and employers.

Enhancing Employer Support

Ascensus’ leader, Peg Creonte, emphasized the impact of this unique partnership with California. She stated that this initiative is part of Ascensus’ larger strategy to use AI for enhancing client experiences and meeting higher service standards. CalSavvy aims to simplify and enhance communication between employers and the state’s retirement savings program, ensuring that inquiries regarding account setups, contributions, and investment options can be addressed around the clock.

Accessibility and User Engagement

The capabilities of CalSavvy extend beyond simple inquiries. It offers answers in both English and Spanish, thus catering to a diverse user base. This feature is essential in a state as multicultural as California, enhancing user engagement and understanding of retirement savings concepts and program features, ultimately making it easier for employees to access and benefit from their retirement plans.

A Multifaceted Support Tool

As noted by David Teykaerts, the Executive Director of CalSavers, the goal is to equip Californians with the necessary tools to foster a secure financial future. CalSavvy complements existing resources such as recorded webinars and instructional videos, making it easier for both employers and employees to navigate the program.

Future Developments

Looking ahead, CalSavvy is set to enhance its offerings by providing personalized account support and improving language accessibility. This will further streamline the user experience and ensure that even more Californians can engage with their retirement savings effectively.

Important Milestones

Ascensus already administers some of the largest state auto-IRA programs in the nation, including CalSavers and Illinois Secure Choice, which together account for an impressive 72% of the industry’s funded accounts and assets under administration. This solidifies Ascensus’ role as a key player in the retirement savings landscape.

Conclusion

CalSavvy represents a crucial evolution in how information is delivered to those navigating retirement savings. By adopting AI technology, Ascensus and CalSavers are not only making strides in closing the retirement gap but also setting a benchmark for future initiatives in financial technology. For more information on the CalSavers Retirement Savings Program, visit calsavers.com.

About Ascensus

Ascensus stands at the forefront of savings plans across the United States, with a mission aimed at enhancing the financial wellness of millions. With over $892 billion in assets under administration and more than 5,000 associates, the company aims to facilitate better savings experiences for clients through its innovative technology and data-driven insights. Learn more at ascensus.com.