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| Announcements | Looking Ahead | Spotlight | Learning More | Planning for Retirement |
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Announcements | ^ TOP OF PAGE |
Save more in 2024 Every year, the IRS announces the latest contribution limits for retirement savings accounts like the CalPERS 457 Plan. The limits for 2024 have increased, giving you the opportunity to save even more today to help achieve your future goals.
Did you know? With the age 50 and older and 457 special election catch-up options, you can save even more each year for retirement. This can help you maximize the saving potential of your remaining working years to reach your retirement goals. Your dedicated Account Manager can help review and discuss your 2024 contribution limits based on your personal situation. How much do you want to save this year? Visit voya.com/irslimits for the latest contribution limits for all tax-deferred accounts in 2024. Consider your options and complete the 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. Plan administration services provided by Voya Institutional Plan Services, LLC.
Sign up for a CalPERS 457 Plan webinar Each month, the CalPERS 457 Plan presents 1-hour webinars on a variety of retirement planning topics. Led by one of the dedicated Account Managers for the Plan, webinars are available for all participants. No matter where you are in your career or your journey to retirement, there’s something for everyone. You can register to attend as many of the following presentations as you’d like. Once you’ve registered, you’ll be able to add the webinar information to your calendar. You’ll also receive a reminder by email a few days before the session. We hope you can join us. Bridging the Gap (1st Friday of each month at 12 p.m. PT)
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Looking Ahead | ^ TOP OF PAGE |
Make your New Year’s plans now Before the holiday rush begins, take time to check in on your financial health.
Review your investments. Are your investment choices still properly allocated and aligned with your long-term financial goals? If the volatile markets of the last few years have disrupted your asset allocation, consider if you need to rebalance your investments to reflect your risk preference and time horizon for investing. Your dedicated Account Manager can help review your asset allocation and determine if they remain aligned with your investment strategy. Check to see how much you’ve contributed this year for retirement. The IRS establishes retirement plan contribution limits each year. Look at what you’ve contributed, determine how much more you’re on track to contribute this year, and consider saving more with your remaining paychecks in 2023 to maximize your savings. Complete the Participant Change Authorization Form to update your savings rate and submit it to your employer for processing. Simplify your financial life. Consolidating your former employer retirement plans into your CalPERS 457 Plan account may help you align your savings with your retirement goals. Contact Voya’s Account Consolidation Team* at 866-865-2660 to review and discuss your rollover options. Keep your account updated. For all your financial accounts, it’s a good idea to check your personal information at least annually. Make sure that your mailing address, email address, and your beneficiary designations on file are current and up to date. To learn more about how to improve your financial health for 2024 and beyond, visit Voya Learn. * Retirement Consultants are registered representatives of and offer securities through Voya Financial Advisors, Inc. (member SIPC). 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. This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision. Review your investments.
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Spotlighting the CalPERS 457 Plan | ^ TOP OF PAGE |
Addressing financial stress If financial demands are affecting your ability to save for retirement now, you may have to work longer to achieve your financial goals. If you retire too early and without enough saved up, you risk running out of money in retirement. These kinds of financial worries can be a significant source of stress for many people and subsequently take a toll on your mental health. If you’re anxious about your finances, here are some things you can do to help manage financial stress. Focus on learning These are only a few ways to help manage financial stress. No matter what you do, taking any kind of action to address what concerns you financially is an important first step on the road to overall financial wellness. But don’t stop there. Read the article Why debt is causing stress and anxiety — and how to cope for more insight and tips to help you manage financial stress and anxiety. *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 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.
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Learning more about the CalPERS 457 Plan | ^ TOP OF PAGE |
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Consider rolling in former employer retirement accounts into the CalPERS 457 Plan If you’re like a lot of people, you’ve probably worked for more than one employer in your career. If you have, you may have also saved for retirement in an account offered by each of your former employers. What happened to those former employer retirement accounts? If they’re still with your former employer, did you know you could transfer balances from those plans into your current CalPERS 457 Plan account? A consolidated retirement account can help you save time, invest consistently, make it easier to track your retirement progress, and may even cost you less in fees. Consolidating your retirement savings into a single account may help simplify your financial life. If you have assets from former employers, consider all your options including keeping them where they are, withdrawing them (which may create a taxable event), or rolling them to the CalPERS 457 Plan. Your personal situation and retirement goals will likely determine what’s best for you. For example, consolidating may be right for you if you want to:
We want to help educate you on all your options. Voya’s Account Consolidation Team can help you achieve a simpler financial life today and a secure financial future tomorrow. Call 866-865-2660 for their assistance and experience with the rollover process. They can explain your options, guide you through the consolidation process, and assist with collecting and completing the necessary paperwork. |
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Planning for retirement with the CalPERS 457 Plan | ^ TOP OF PAGE |
Be cybersafe Did you know that 95% of cybersecurity breaches are caused by human error?¹ We want to help you navigate and embrace technology without worry. Account protection is a team sport. CalPERS is committed to safeguarding your 457 Plan account and personal information from the risk of fraud, cyber threat and unauthorized activity — whether they’re conducted through email, text, phone, mail or on social media. What can you do to be cybersafe? Consider the following tips and best practices that you can use to better safeguard your account. Register your accounts online and monitor them regularly. When you log into your financial accounts regularly, you’ll be able to better identify if there has been any fraudulent activity. When reviewing your account, make sure to check for account changes or transactions that you did not authorize. Visit calpers.voya.com to register or log into your account. There are even more ways to protect your devices and your data from fraud, cyber threats and other unauthorized activity. Read 8 ways to stay Cybersafe and then watch the Voya Learn on-demand session on cybersecurity. We can safely say that you’ll be glad you did. Sources: This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision. CN3003213_0725
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As we approach the end of 2023, it’s time to celebrate how far you’ve come financially and look ahead to where you are going next. Here are some things to consider so you can become more financially well. 