In 2022 my job set up a Calsavers account for me. I only worked that particular job a few hours a week and quit in early 2023 so my Calsavers account only accumulated a couple hundred dollars. I just logged into that account since leaving my job and saw that since leaving, it’s been charging a $4.50 quarterly maintenance fee, which seems to have started when there were no more contributions. Since there is very little in that account to begin with, at this rate, any of that retirement savings will be completely gone by the time I actually retire. This feels like a huge scam to me, why would they offer a way to save money but they slowly drain the account before retirement? It’s only a couple hundred dollars it’s not like I plan on retiring on $200 but it angers me that money was basically withdrawn from my paychecks for no reason. Am I missing something here??
original posted by Vast-Tomato-3771 to r/personalfinance on Mon, 15 Apr 2024 15:07:46 GMT.