> I am freaking out a bit because now I’m wondering if I’m a victim of identity theft and someone has fraudulently set up this account in my name.

If you were previously employed for more than 30 days in the state of California, by an employer with more than 5 employees, and that employer did not operate their own retirement plan, then they were legally required to include your name in the CalSavers system. Nothing suspicious at all.

Your notification probably includes where to go to manage your stuff, including the opt out. Otherwise, www.calsavers.com

I think this article will answer some of your questions - https://www.adp.com/resources/articles-and-insights/articles/w/what-is-calsavers.aspx

It looks like your previous employer may have enrolled you. Check your credit reports to see if you are currently employed anywhere or if there's anything strange. If there is, then you may be a victim of identity theft. If there isn't, then you just got notice of your previous employer enrolling in it.

>Is there a way to close the account so my wages aren't deducted when I start working again in the future? I see in the notice it mentions opting out of making contributions, so would this suffice?

CalSavers is an auto-enroll Roth IRA.

You were likely enrolled by your former employer into the program:

>State law requires employers that don’t offer their own retirement plan to facilitate CalSavers. If you employed an average of at least five California-based employees in the previous calendar year (at least one of whom is age eighteen) and don’t sponsor a qualified retirement plan, your business is required to register for CalSavers.

And yes, you can unenroll yourself:

>Employees who do not want to participate can opt out at anytime. There are three convenient ways to opt out. The easiest way to opt out is either by calling our automated phone system at (855) 650 – 6918 or through the website. You can also choose to download, complete, and mail-in a paper opt-out form. Employers can provide the phone number and opt-out form to their employees if they wish, however employees must contact the program directly and not through their employer.

https://www.calsavers.com/home/frequently-asked-questions.html

But should you? No. Saving for retirement from a young age is a fantastic way to take advantage of the magic of compound interest!

https://bautisfinancial.com/the-power-of-investing-young/

>The power of compounding interest is positively correlated with time, which is why beginning to invest at a young age is incredibly beneficial in the years to come. Time is the most powerful tool for retirement and investment accounts because it allows young people in their 20s and early 30s to make smaller annual contributions while still accumulating a large some of money. The return on investment you receive is able to grow at a fast pace when you continuously reinvest your earnings.

>Let’s say you are investing your money into a 401(k) account. If you begin to contribute $1,000 annually at the age of 25 for just ten years, your 401(k) would accumulate to $157,435 by the age of 65, assuming an 8% rate of return. Breaking these numbers down into monthly contributions means that for 10 years you would only need to contribute approximately $84 a month to your 401(k) in order to see this result by age 65.

>Although it appears to be a similar situation to the top image, there is major difference in the outcomes. Making annual contributions of $1,000 to your 401(k) at the age of 35 for thirty years will result in an account balance of $122,346. Even though you assume the same 8% rate of return and your total investment is 3 times the amount of the first example, you will still face a shortfall greater than $30,000 at age 65. Choosing to wait ten years until age 35 to invest results in a dramatic difference.

You may find these links helpful:

• Leaving a Job (resigning, quitting, fired, laid off, etc.)
• Job Loss Megathread: unemployment resources, state-specific information, and help

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Call and talk to someone at CalSavers.