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

Save more in 2024

Sign up for a CalPERS Plan webinar

Make your New Year’s plans now

Addressing financial stress

Consider rolling in former employer retirement
accounts into the CalPERS 457 Plan

Be cybersafe

 

 

 

 

Log into your account

Payroll Change Authorization Form

CalPERS 457 Plan webinar schedule

Learn how much you can save in 2024

Why debt is causing stress and anxiety — and how to cope 

8 ways to stay Cybersafe

Voya Learn on-demand session on cybersecurity

 

announcement icon 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.

 

2024 2023
Age 49 and Under $23,000 $22,500
Age 50+ Catch-up1 Up to an additional $7,500 Up to an additional $7,500
Special 457(b) Catch-up2 The total of the regular limit plus missed contributions from prior years, up to $46,000 The total of the regular limit plus missed contributions from prior years, up to $45,000

1Age 50 and older before year-end. The Age 50+ Catch-up is only available to plans sponsored by a governmental employer.

2 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.

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)
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.

Foundations of Financial Wellness (2nd Wednesday of each month at 12 p.m. PT)
Join us as we discuss how your overall wellness is made up of more than just your physical, mental and emotional health. Your financial wellness plays a big part in your general wellbeing as well. Many of us don’t spend enough time thinking about our future. But with a little planning and guidance, you can build a more secure tomorrow by creating good habits to help improve your financial outcome for life. You’ll learn about the six pillars that are key to financial wellness, how to measure where you stand now, and how the CalPERS 457 Plan can help you on the journey to financial wellness.

Reacting to the Financial Climate (2nd Friday of each month at 12 p.m. PT)
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 Contribution Option (3rd Friday of each month at 12 p.m. PT)
Join us as we review 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 if you are actively contributing to the CalPERS 457 Plan.

Retiree Connection (4th Friday of each month at 12 p.m. PT)
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 to minimize taxes in the year you retire, and more. It’s everything you need to know about retirement in one presentation.

 

Looking ahead icon 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.

happy familyAs 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.

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).
Source: https://www.voya.com/blog/2022-year-end-financial-checklist

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.

 

Spotlight icon 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
Improving your money management skills and using them to make positive and proactive decisions with your finances can help reduce stress. Think of something financial that brings you stress. It could be increased costs due to inflation, paying your bills each month, carrying student loans or credit card debt, or finding ways to save for personal goals like retirement or putting the kids through college. Visit the Retire Better Blog and Voya Learn for short articles and videos about financial concepts and get tips to address the things that are stressful to you.

Plan for the unexpected
We’ve all experienced financial emergencies. No matter how big or small, these unplanned expenses often feel like they happen at the worst times. Knowing you have a dedicated savings account earmarked for emergencies can help protect yourself from life’s little surprises and give you some peace of mind when the going gets rough. Consider putting money aside consistently to build up an emergency fund so you can help to avoid taking on debt or withdrawing from your retirement savings.

Stick to a budget
With rising prices due to inflation, creating and managing a budget can be very useful. Understanding where your money goes, and creating healthy habits to prevent overspending, can help reduce anxiety and stress. If you have never created a budget before, now may be a good time to focus on how you spend your monthly income. Visit Voya's Budget Calculator to get started.*

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.

 

Learning Icon Learning more about the CalPERS 457 Plan ^ TOP OF PAGE

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:

  • Stay on top of your finances.
  • Organize statements and paperwork.
  • Track how your investments are performing.
  • Keep your savings and investing strategy aligned with your long-term goals.

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.

Planning icon 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.

Safeguard your devices. Prying eyes can be anywhere. It’s always a good idea to lock your computer and cellphone screens, shield yourself when entering passwords in public places, and never leave your devices unattended. Consider a camera cover for your laptop and refrain from using public wi-fi to log into your financial accounts on unsecured networks.

Install software updates. Be sure to reboot your devices every evening and make software updates when prompted to help keep devices and apps secure.

Secure your home network. Lock down your home network with updated firmware installed for wi-fi routers, switches, cable modems and firewalls. Create a strong password and regularly change it to help protect your router or cable modem.

Protect your passwords. Use strong, unique passwords for each of your devices. Refrain from creating passwords with personal names or birthdates² in them and avoid auto-saving passwords on your devices. Keep your passwords private and, if you must keep them written down, make sure your passwords are kept somewhere that only people you trust can access them.

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:
¹ Cybernews, World Economic Forum finds that 95% of cybersecurity incidents occur due to human error, January 18, 2022, Anna Zhadan
² Voya Financial, blog.voya.com, consumer article, https://www.voya.com/blog/8-ways-stay-cybersafe

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.

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