FIRST QUARTER    |   2023
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Know where to go

If you or your employees have questions about or need assistance with the CalPERS 457 Plan, we want to help.

For myCalPERS and processing issues

Email the CalPERS 457 Employer Plan Line
at CalPERS_457_Plan@calpers.ca.gov
or call 800-696-3907.

For Service Credit Purchases

An employee must contact the Service Credit Purchase and Election Team at CalPERS to request a Service Credit Purchase Form. That form and an In-Service Withdrawal Request Form must be completed and returned to CalPERS as noted on the forms. Once acknowledged by CalPERS and returned to the employee, all items must be postmarked by the deadline date and mailed to CalPERS at:

CalPERS
Attn: Service Credit
400 Q Street
Sacramento, CA 95811

For Qualified Domestic Relations Order (QDRO) processing

An employee must go through the CalPERS
Community Property Unit. They can be reached
by calling 888-225-7377.

For employee account access and transaction processing

An employee can call the CalPERS Voya Plan Information Line at 800-260-0659 weekdays between 6:00 a.m. and 5:00 p.m. PT, excluding stock market holidays.

For plan information, help with enrolling, investment details, or a personal account review

An employee can contact your agency’s dedicated
Account Manager by visiting calpers457.timetap.com
or calling 888-713-8244.

Still not sure where to direct your employee?
Contact your local Account Manager today at 888-713-8244.

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In this Edition

It is vital to let CalPERS know when there are changes to your team. Let’s work together to ensure that we have updated records of your agency’s points of contact, their roles, and how to reach them by phone and email.

Please report any changes
to team members as soon
as possible by contacting:
calpers_457_plan@calpers.ca.gov

 

In this Edition

Know where to go

Loan reports need quick action by your payroll team

More agencies (and participants) are signing up for the Roth 457 option

A new CalPERS 457 Plan presentation is now available for employees

Request a plan review to help satisfy your fiduciary responsibility

Contact Us

 

Resources

Archive

calpers457.com

calpers.voya.com

CalPERS Employer Resource Center

CalPERS 457 Plan Webinars

CalPERS Webinars

making cents Participant Newsletter

myCalPERS

Schedule a Personal Phone Appointment

 

Loan reports need quick action by your payroll team

If your agency has adopted the Loan Provision for your CalPERS 457 Plan, it’s important that your payroll team gives prompt attention to the 457 Plan loan feedback report. Weekly loan feedback reports are provided through Sponsor Web and provide information regarding new loans issued or paid during the prior week. Please encourage your payroll team to log into Sponsor Web at least once a month to make sure no feedback reports have been missed. Remember, it is your agency’s responsibility to monitor weekly feedback reports and keep us updated with information about your agency’s points of contact.

If your agency would like to learn more about adopting the Loan Provision for your Plan, contact CalPERS by email at CalPERS_457_Plan@calpers.ca.gov or call 800-696-3907.

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More agencies (and participants) are signing up for the Roth 457 option

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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We’re happy to help.

For more information about
the Roth 457 Option, call us
toll free 800-696-3907 or email CalPERS_457_Plan@calpers.ca.gov.

 


virtual screen meeting

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).

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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.


business woman at computer

Contact Us

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

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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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