Making Cents | February 2025

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Announcements | Looking Ahead | Spotlight | Learning More | Planning for Retirement

FEBRUARY 2025 | IN THIS ISSUE

Do you have some “catching up” to do?

Celebrate “Future You” during America Saves Week

Join us for a CalPERS 457 Plan webinar

Protect how you connect

The last 4 steps to take as you get closer to retirement

QUICK LINKS

Log into Your CalPERS 457 Plan Account

Schedule an Appointment with a Dedicated Account Manage

Participant Change Authorization Form

Three-year Special 457(b) Catch-up Worksheet

Budget Calculator

CalPERS 457 Plan On-demand Library

Nearing Retirement Series: Improving Your Situation

Announcements

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Do you have some “catching up” to do?

If you can still contribute to the CalPERS 457 Plan and will be age 50 or older by the end of 2025, you can save even more this year on the journey to and through retirement. Here are the key details of the catch-up limits that may apply to you:

Standard Catch-Up Contribution Limit:	Participants aged 50-59 and 64+ by the end of 2025 can contribute up to $31,000 ($23,500 + $7,500).
Super Catch-Up Contribution Limit:	Participants aged 60-63 by the end of 2025 can contribute up to $34,750 ($23,500 + $11,250).
457 Special Election Catch-Up Contribution Limit:	Participants in the three years prior to their year of the Plan’s definition of normal retirement age who qualify for this provision must complete a Three-year Special 457(b) Catch-up Worksheet to contribute up to $47,000 ($23,500 + $23,500) in 2025.¹

The increased catch-up contribution limits are a great opportunity for you to maximize your CalPERS 457 Plan savings during your remaining working years. When you’re ready to update your contributions, please complete the Participant Change Authorization Form and return it as directed. Call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment with your dedicated Account Manager² to review and discuss your annual contribution limits. We are here to help.

¹ The special election catch-up applies to participants in an eligible governmental 457(b) deferred compensation that have elected the special catch-up available in the three years prior to the year of normal retirement age, as defined by the 457(b) plan. If you are eligible for either the Standard or Super Catch-up and the 457 Special Election Catch-up under your 457(b) plan in the sane tax year, IRS rules do not allow you to use the age-based catch-up and the 457 Special Election Catch-up in the same tax year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.

² Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC.

Looking Ahead

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Celebrate “Future You” during America Saves Week

America Saves Week is April 7 – 11. It’s an annual celebration and call to action for everyday Americans to commit to saving successfully. This year, celebrate “Future You” by giving them the gift of a possible secure financial future. Taking just one small step can help give “Future You” financial confidence to and through retirement. For example:

Move a little more into savings. Whether it’s $2 per day, $15 per week, or $60 per month, find an amount and frequency that works for you and commit to saving it consistently. You may be happy with the results over time.

Track your monthly spending and saving. You probably know how much you make each month, but have you connected your earnings with your spending? Voya’s Budget Calculator can help balance your income with your spending and saving needs.

Manage your debt to help improve your financial outlook. Debt is more than just what you owe. You’re paying interest and fees, and carrying debt can impact your credit score. So even when you pay down debt, you’re still saving.

Learn something new. The CalPERS 457 Plan offers live webinars and on-demand videos on a variety of financial and retirement planning topics. Visit calpers457.com to watch a video or register to attend an upcoming session.

Your online CalPERS 457 Plan account includes a participant dashboard that can help you see your whole financial picture and what steps you can take next. Visit calpers.voya.com to log in and celebrate America Saves Week. “Future You” is going to love it.

Spotlighting the CalPERS 457 Plan

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Join us for a CalPERS 457 Plan webinar

We invite you to attend a CalPERS 457 Plan webinar on a variety of retirement planning and savings topics. Webinars are offered at 12 p.m. every second Wednesday and the first four Fridays of the month. You can attend as many webinars as you’d like. We hope you can join us.

Bridging the Retirement Gap(1st Friday of the month)	Join us as we review how contributing to the CalPERS 457 Plan can help bridge the retirement income gap that may not be covered by Social Security and your pension. Learn more about developing your own personal retirement planning and saving strategy to help you stay on track for retirement as well. Whether you’re already participating in the Plan or thinking about enrolling, there’s something for everyone.
CalPERS Pension vs. CalPERS 457 Plan (2nd Wednesday of the month)	Join us as we discuss the CalPERS pension, CalPERS 457 Plan, and how they’re different. Learn more about where to go for help, calculating pension benefits, benefit changes for post-PEPRA (Public Employees’ Pension Reform Act) employees, and more. If you have questions about your retirement income sources and achieving your retirement goals, we can help provide some answers.
Staying the Course (2nd Friday of the month)	Join us as we discuss investing in the CalPERS 457 Plan and how to handle market volatility. Learn what the history of the stock market tells us about our own investing and how staying the course may be the best way to help “weather the storm.” Learn more about how the Target Date Funds in the CalPERS 457 Plan work and how the Plan’s core funds allow you to pick, actively manage, and design your own asset allocation. No matter what the market has been doing lately, there’s always more you can do to help prepare yourself for the future.
Exploring the Roth Option (3rd Friday of the month)	Join us as we review the CalPERS 457 Plan and the benefits of participating. Learn more about making Roth after-tax contributions to the Plan and comparing the benefits of making pre-tax or Roth after-tax contributions to help achieve your retirement goals. Which contribution option is right for you? We’ll provide examples with factors to consider as you make retirement saving decisions based on your unique situation. Roth after-tax contributions can change how your income is taxed in retirement, so join us to learn more even if you have not yet enrolled in the CalPERS 457 Plan.
Retiree Connection (4th Friday of the month)	Join us as we review how the CalPERS 457 Plan can help as you near and enter retirement. If you are within 5 years of retirement, this session is perfect for you. Learn about the risks to retirement income, things to consider, and how often to review your retirement planning strategy. We’ll discuss investment allocation and diversification to and through retirement, provide an overview of Required Minimum Distributions, give you tips on taxes in the year you retire, and more. It’s everything you need to know about retirement in one presentation.

If you are unable to attend the scheduled webinar dates or would like to access any of the materials referenced in the webinar, visit the CalPERS 457 Plan webinar page for recordings of and handouts from each session.

Learning more about the CalPERS 457 Plan

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Protect how you connect

A new year is a good time to review and update how you access your financial accounts online. That’s because protecting your identity and ensuring your privacy is an important part of building a secure financial future.

Register your accounts online.
If you’ve never accessed your CalPERS 457 Plan account online, visit calpers.voya.com and click Register Now to set up an account username and password. Then do the same for all your financial accounts with a balance that you can access online.

Monitor your accounts frequently.
When accessing your accounts, be sure to look for suspicious activity, profile changes, and unauthorized distributions. Contact your provider immediately if you notice anything irregular.

Don’t wait until it’s too late. Start 2025 by protecting and monitoring your digital footprint.

Update your passwords.
It’s important to update your passwords regularly to help stay ahead of fraudsters and unauthorized activity. Use different passwords for your accounts and create strong, complex passwords that are more challenging to “crack.”

Proceed with caution online.
Keep your devices up to date with the latest operating systems and security patches. Be mindful of email phishing attempts from unknown senders. Also guard your personal information and avoid providing any information online unless it’s through a trusted source.

Planning for retirement with the CalPERS 457 Plan

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4 steps you can take as you get closer to retirement

PART 3: Improving your situation

In the final part of our three-part series, learn ways to get closer to retirement by saving more, owing less, reviewing your investment strategy and deciding if you need help.

1. Save more	Know how much you can save each year to the CalPERS 457 Plan based on your age. In addition to the annual contribution limit for most participants, additional catch-up contribution options are available for those age 50 and older. Contact your dedicated Account Manager or visit voya.com/irslimits to confirm your limit for the year.
2. Owe less	Know what you owe to create a plan to pay it off before retirement. Review your credit card bills and consider if there’s a benefit to consolidating accounts to the one with the lowest interest rate. You can also consider negotiating the interest rate or fees with your current lender.
3. Review your investment strategy and consolidate accounts	If you have retirement savings accounts from former employers, there could be benefits to consolidating them to your CalPERS 457 Plan account. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Please note that assets rolled over from other non-457 plans (such as 401(a)/401(k), 403(b), a traditional IRA) may remain subject to the IRS 10% premature distribution penalty tax. Review the investment allocation of each account for consistency. You may also want to consider updating your allocation, as needed, to help reduce some risk due to market fluctuations.
4. Get help along the way	No matter where you are on your retirement journey, your dedicated Account Manager can meet to review and discuss your retirement saving strategy. Call 888-713-8244 or visit calpers457.timetap.com today to schedule an appointment.

You’ve worked hard and saved regularly for retirement. Now may be the time to focus on what else you need to do to achieve your goals. Watch the video Nearing Retirement Series: Improving Your Situation to learn more about each of these final steps and help make retirement happen for you.

Important: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.

This information is provided for your education only through the Voya® family of companies. This information is not intended to provide legal, tax, or investment advice. All investments are subject to risk. Please consult an independent tax, legal, or financial professional for specific advice about your individual situation.

Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC (VFA). Plan administration services provided by Voya Institutional Plan Services, LLC.

This material has been provided for educational purposes only. This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice.

Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC. Plan administration services provided by Voya Institutional Plan Services, LLC.