A continuously variable transmission includes a first shaft driveably connected to a power-plant and having a first pair of sheave disks, and a second shaft having a second pair of sheave disks. A tension member is connected to the first and second pairs of disks such that power is transmittable between the first and second shafts. A third shaft is selectively driveably connected to the second shaft via a clutch. The clutch includes an inner race fixed to one of the second and third shafts, and an outer race fixed to a gear and having an inner surface circumscribing the inner race. At least one pawl is biased to couple the races in a fixed relationship for common rotation. The clutch further includes an electric coil and an armature configured to engage the pawl to decouple the races in response to current being supplied to the electric coil.