Operational update for the CalPERS 457 Plan

As CalPERS continues to deal with the impact of the novel coronavirus, we want to update you on our current operational status.

Operations

• Our team is working remotely and operating in a business-as-usual status.
• Email is the preferred method of communication. Please send all inquiries to CalPERS_457_Plan@calpers.ca.gov.
• We are responding by email to your messages left on our CalPERS 457 Employer Plan Line toll-free at 800-696-3907.  

Participant Education

• Your employees can still get answers and help with their CalPERS 457 Plan accounts by visiting calpers457.com or calling the Plan Information Line at 800-260-0659.
• Encourage them to visit calpers457.checkappointments.com to schedule a phone appointment with a CalPERS Account Manager.

Please call or email the CalPERS 457 Staff anytime and we will respond to you in a timely manner. Thank you!

CalPERS investment responsibilities and oversight

The CalPERS investment committee and investment office staff regularly monitors investment managers, investment performance, and all aspects of portfolio management to assure sufficient flexibility in managing investment risks and returns associated with its investment program. During uncertain times, any market fluctuation may tempt your employees to make a hasty decision. Investing for retirement is a long-term strategy, so encourage them to stay the course and maintain a well-balanced and diversified portfolio in the CalPERS 457 Plan that accommodates their risk tolerance and savings goals. In addition, a central location with education, tools and resources from Voya is now available and regularly updated with new articles and information to help your employees navigate through the uncertainty. Employees can also contact their CalPERS Account Manager with their investment and retirement planning questions by calling 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT.

Introducing CalPERS employer education kits

CalPERS has created “kits” to help educate your employees about the benefits of the CalPERS 457 Plan. Each quarter, CalPERS will provide your agency contact with materials that you can share with all employees, even to those who are not currently participating in the CalPERS 457 Plan.

The CalPERS employer kit will help inform and inspire your employees to enroll and participate in the Plan. Kits will include an email and flyer that you can distribute to employees, as well as an employer FAQ with additional information to support you if employees have Plan questions.

The first CalPERS employer education kit, “New Year, New You,” was distributed in early March. Next quarter’s kit, “Save and Consolidate,” will be provided to agency contacts in mid-May. Please call the CalPERS 457 Employer Plan Line at 800-696-3907 or email calpers_457_plan@calpers.ca.gov with any questions.

In a recent survey of CalPERS agencies, 95% of respondents overall were satisfied with the CalPERS 457 Plan and 94% would recommend the CalPERS 457 Plan to another public agency or school employer! You’ll learn more about the survey and the actions CalPERS is taking based on the results and your feedback in the next edition of Employer Cents.

Employers can email participant forms for processing

While employers have both an email and fax option for submitting participant forms, we encourage you to consider emailing them to calpers@voyaplans.com for processing. Emailing transmits forms to a secure Voya server for processing that efficiently indexes and images them. This email address is for forms submissions only. Email questions should still continue to be sent to calpers_plan_admin@voya.com.  

Changes to the fees associated with applying for a loan

If you have adopted the Loan Provision for your CalPERS 457 Plan, your employees may take a loan from their account. All participant loans taken on and after April 1, 2020 will be charged $50 per loan application and an annual maintenance fee of $35.00 ($8.75 assessed quarterly). Both fees will be deduced from the participant’s Plan account. Participants can log into their CalPERS account at calpers.voya.com or call the Plan Information Line at 800-260-0659 to apply for a loan.

Reminder — Employees can view and update their CalPERS 457 Plan beneficiary designations online

Your employees participating in the CalPERS 457 Plan can view, name, and change their CalPERS Plan beneficiary(ies) online by logging into this account at calpers.voya.com. A participant can go to Personal Info > Beneficiary Information > Add/Edit Beneficiary to review the current beneficiary designation. If the correct beneficiary(ies) is already listed, no action is required until changes are needed. If no beneficiary is listed, designating someone is easy. Encourage your employees to review or name their beneficiary today!

Schedule a Plan Review

A CalPERS 457 Plan review is available at your request. Staying informed can help you satisfy your fiduciary responsibility to oversee the CalPERS 457 Plan at your agency. Email Dave Saavedra or call 916-795-3908 to arrange a review in person or as a written document.

Personal Phone Reviews for Your Employees

Your employees can get answers and help with their CalPERS 457 Plan accounts from experienced registered representatives.*

Encourage them to visit calpers457.checkappointments.com to schedule an appointment. They will then receive an appointment confirmation email and a reminder email as the date nears. Employees can also schedule an appointment by calling 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT.

* 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).

Contact Us

CalPERS 457 Plan representatives are available for my|CalPERS and payroll assistance.
Email us or call 800-696-3907, Monday – Friday, 8 a.m. – 5 p.m. (Pacific Time).