CalSavers is a retirement savings program for private sector workers whose employers do not offer a retirement plan. Workers age 55 to 59½ can access 401(k) funds only (not money in an IRA) without penalty if they are laid off, fired or quit.You can continue to receive your full CalSTRS service retirement benefit, with no earnings limitation, if you take a job outside of CalSTRS-covered employment. Current law requires private employers with at least one employee to offer a qualified retirement plan or participate in the CalSavers program. CalSavers is available to California workers whose employers don't offer a retirement plan, self-employed individuals, and others who want to save extra. How does the CalSavers program work? The law requires all members who retired after January 1, 2013, to wait six months (180 days) before returning to work in a CalPERS covered agency. Complete document submittal requirements are described in A Guide to. CalPERS Employment After Retirement. Full-time employees (or part-time employees working at least halftime), are automatically enrolled in the CalPERS Retirement Plan.