FIRST QUARTER | 2023 | ||||||||||||||
Know where to go If you or your employees have questions about or need assistance with the CalPERS 457 Plan, we want to help.
Still not sure where to direct your employee?
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More agencies (and participants) are signing up for the Roth 457 option
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Since it became available in 2019, 296 agencies throughout the state have signed up to add the Roth 457 option to the CalPERS 457 Plan for their employees. In the four years since becoming available, 2,344 CalPERS 457 Plan participants now have a total of $16,897,467 in Roth accounts, giving them the ability to withdraw Roth contributions and earnings tax-free when they retire (qualifying factors apply). Have you added the Roth option for your agency’s CalPERS 457 Plan? If you haven’t, now is a great time to review the option and ask questions to determine if it’s right for your Plan. Learn more by reading the Roth Option Overview and the Roth Option Brochure for participants. When you’re ready to offer your employees the ability to save with Roth contributions, it’s simple to add the option for your Plan. Just complete the Roth Adoption Form and return the signed, original form to CalPERS for processing. Once CalPERS approves your Roth adoption request, the adoption agreement becomes effective the calendar month following the month when the agreement is made. Your employees may then elect to make Roth after-tax contributions to the CalPERS 457 Plan through payroll deduction. Roth contributions are processed and reported in myCalPERS, just like traditional pre-tax contributions.
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A new CalPERS 457 Plan presentation is now available for employees Our newest employee presentation, CalPERS Pension vs. CalPERS 457 Plan, reviews the CalPERS pension, explains the benefit formula table for payments, and helps to answer specific pension questions. After detailing the CalPERS pension, the presentation then compares it to the CalPERS 457 Plan and how the Plan can supplement the pension to help employees reach their retirement goals. Your dedicated Account Manager* is available to lead any of the CalPERS presentations either virtually or on-site for your employees Group meetings are perfect for all employees, even those who are not enrolled in the CalPERS 457 Plan, and help promote their employee retirement benefits. To discuss hosting a CalPERS 457 Plan presentation led by your dedicated Account Manager, please call 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). |
Request a plan review to help satisfy your fiduciary responsibility A review of your agency’s CalPERS 457 Plan 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 by phone. |
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Contact Us CalPERS 457 Plan representatives are available for myCalPERS and payroll assistance. |
Plan administration services provided by Voya Institutional Plan Services, LLC. 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). This newsletter was prepared by Voya Financial®. Articles by Voya are not intended to provide tax or investment advice. Any opinions, advice, statements, services, offers or other information or content expressed or made available herein has not been independently verified by the California Public Employees’ Retirement System (CalPERS), nor does it necessarily state or reflect the views of CalPERS. Reference herein to any specific commercial products, processor service by trade name, trademark, manufacturer or otherwise does not necessarily constitute or imply its endorsement, recommendation or favoring by CalPERS. © 2023 Voya Services Company. All rights reserved
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