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| Announcements | Looking Ahead | Spotlight | Learning More | Planning for Retirement |
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Announcements | ^ TOP OF PAGE |
CalPERS 457 Plan costs have gone down again!
The CalPERS 457 Plan is regularly reviewed to ensure that it best serves current participants and those who will participate in the future. As of October 1, the costs associated with investing in the Plan’s investment fund options have decreased. With this latest fee reduction, the cost to participate now ranges between 0.21% and 0.34%, depending on the investment. The cost reductions allow all CalPERS 457 Plan participants to keep more of their investment dollars working in their accounts, helping to accumulate more savings over time. Since the annual cost to invest in a Target Retirement Fund is now 0.22%, it’s never cost less to participate in the Plan. Consider this when:
Read the Fee Reduction Notice for more information and a breakdown of fees by each CalPERS 457 Plan investment. The new reduced cost will help you keep more invested dollars in their account, which could mean thousands more in retirement compared to the previous Plan costs. We hope this will encourage you to continue participating in the CalPERS 457 Plan to and through retirement. For questions about the new lower costs and achieving your retirement goals, call 888-713-8244 or visit calpers457.timetap.com to schedule a one-on-one personal appointment with a dedicated Account Manager1. 1 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).
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Looking Ahead | ^ TOP OF PAGE |
Prepare to thrive in 2025 Every year, the IRS announces the latest contribution limits for retirement savings accounts like the CalPERS 457 Plan. Certain limits for 2025 have increased, giving you the opportunity to save even more today to help achieve your future goals.
1 Age 50 and older before year-end. If you participate in a 457(b) plan, the Age 50+ Catch-up is only available if the plan is sponsored by a governmental employer. 2 Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees, aged 60, 61, 62 and 63 in 2025, who participate in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan plans. 3 This special election catch-up applies to employees participating 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. If you are eligible for both the Age 50 and older catch-up and the special election catch-up under your 457(b) plan, IRS rules do not allow you to use both in the same calendar year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.
In addition to the catch-up contribution provision that participants 50 years of age or older have available to them, starting next year a separate provision allows participants between age 60-63 (as of the end of 2025) to save even more. If you’re eligible, the catch-up contribution options can help you maximize the saving potential of your remaining working years to reach your retirement goals. How much do you want to save next year? Do you want to create momentum to end 2024 on a savings upswing? Your dedicated account manage can review and discuss your retirement savings progress to help determine your next best step. Call 888-713-8244 or visit calpers457.timetap.com to schedule a one-on-one personal appointment and then complete a Participant Change Authorization Form when you’re ready to update your savings rate. This material is provided by Voya for general and educational purposes only; it 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).
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Spotlighting the CalPERS 457 Plan | ^ TOP OF PAGE |
How much can you afford to save each paycheck for retirement? Retirement, at times, may seem like it’s not attainable. It takes commitment and dedication, but it comes for millions of Americans every year. Breaking down your retirement plans into manageable steps, though, can make the process much more approachable. It’s a good idea to take time each year to check the status of your progress and determine if you’re saving as much as you can for retirement. Have you checked your progress in 2024? Here are some things to consider the next time you think about retirement.
Your financial situation and retirement goals may change over time, so it's important to review and adjust your savings plan regularly. Make it a goal to end the year by doing something to help improve your retirement readiness. Visit calpers.voya.com to log into your account, review your retirement savings progress, and complete a Participant Change Authorization Form if you need to get on track for retirement. Even if retirement seems far away today, someday you’ll be glad that you did.
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Learning more about the CalPERS 457 Plan | ^ TOP OF PAGE |
Discover the value of working with your dedicated Account Manager You already understand the importance of saving for retirement by participating in the CalPERS 457 Plan. Saving for retirement is just one component of securing your financial future, though. Regularly meeting with a dedicated Account Manager for the CalPERS 457 Plan can help you develop and maintain a retirement savings strategy that considers how each of your future sources will help to meet your retirement goals. For example, your Account Manager can help you with:
Your Account Manager can help you understand how much Orange Money® you have and may need in retirement. The interactive myOrangeMoney® tool in your CalPERS 457 Plan can help estimate your future monthly income, Social Security benefits, and healthcare costs in retirement. Plus, there’s no additional cost to meet with them on a date and at a time that’s most convenient for you. Visit the list of Account Managers to see who is closest to you, then visit calpers457.timetap.com or call 888-713-8244 today to schedule an appointment. 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. 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). |
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Planning for retirement with the CalPERS 457 Plan | ^ TOP OF PAGE |
The next 3 steps to take as you get closer to retirement PART 2. In the second part of our three-part series, learn how to monitor your saving and income projections as you continue taking specific, simple steps towards retirement.
Watch the video Nearing retirement series: Checking your progress to learn more about each of these steps. For help using myOrangeMoney or factoring Social Security and Medicare into your future retirement income estimation, schedule an appointment with your dedicated Account Manager by calling 888-713-8244 or visiting calpers457.timetap.com. 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.
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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. 3282050_1024 ©2024 Voya Services Company. All rights reserved. CN3970115_1026 |
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The cost of investing in the most popular investment option, the CalPERS Target Retirement Funds, has decreased by 50% since 2020. 