New Paperless Format For Participant Valuation Reports
Your agency’s Participant Valuation Reports with details and summaries of participant activity in the CalPERS Supplemental Income 457 Plan for April and May 2015 are now available as CSV files on the Sponsor Website at https://sponsor.voya.com.
This recent enhancement provides your agency with many benefits:
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Flexibility: You can open a CSV file in a spreadsheet program and sort the data any way you like. It’s simple to generate your own accounting, audit and reconciliation reports using a CSV file, a big improvement over the PDF file format of the past.Monthly and quarterly paper Participant Valuation Reports by mail will stop in October. You will always have online access to the reports in the new CSV file format. - Faster: Instead of waiting days for mail delivery, you will generally have online access to reports the first day of the month after the month and quarter end. You can also pull reports for prior time periods any time.
- Security: Reports are available exclusively to your agency when you log in online. This helps protect your data, replacing paper reports that could be delayed, lost or stolen in the mail.
- Go green: Eliminating paper reports saves trees and is better for the environment.
If you do not currently have a login for the Sponsor Website and are ready to access reports online, please contact your plan administrator at CalPERS_Plan_Admin@voya.com who will send you the secure login information. After your email is received, it may take up to two weeks to process your request.
In the meantime, reports for July, August and September and third quarter 2015 will be mailed to you, providing a gradual transition from paper to online reports. In October, reports will be available only online.
Three-Year Special 457(b) Catch-Up Guidelines For Employers
Your employees who want to save more for retirement by taking advantage of the Three-Year Special 457(b) Catch-Up Provision need your help.
To clarify the process and your role, the Catch-Up Guidelines have been updated. Here are some highlights:
- Employees do not have to retire when they reach the Normal Retirement Age they designate on the Three-Year Special 457(b) Catch-Up Worksheet.
- The Normal Retirement Age defined in the 457(b) plan document and designated on the worksheet is only for the purpose of establishing the Three-Year Special 457(b) Catch-Up period and does not affect any of their other retirement benefits.
- The Three-Year Special 457(b) Catch-Up and the Age 50 Catch-Up cannot be used in the same calendar year.
- Employees who have not contributed up the IRS limits in previous years may only catch up on unused deferrals they could have made, but did not make, in previous years by electing the Three-Year Special 457(b) Catch-Up option. They cannot use the Three-Year Special Catch-Up in the year designated as the eligible retirement year.
- It’s important for you to review the Three-Year Special 457(b) Catch-Up Worksheet that your employee fills out, including prior years of payroll history, for accuracy.
- You will assist employees with calculating the amounts available to them under the Three-Year Special 457(b) Catch-Up. You may need to consult old payroll records if employees don’t have their past W2s.
- Don’t forget to sign the worksheet! If the employer’s signature is missing, the worksheet won’t be accepted for processing.
If you have questions about catch-up guidelines, contact CalPERS_Plan_Admin@voya.com.
A three-year window
for saving more
Example: Participants who designate 2019 as the year they will reach Normal Retirement Age would make Three-Year Special 457(b) Catch-Up contributions in three consecutive calendar years: 2016, 2017 and 2018. No Three-Year Special 457(b) Catch-Up contribution can be made in 2019, the designated year in which the participant would reach Normal Retirement Age. This catch-up option may only be used once in the employee’s entire employment career. The election is irrevocable.
How To Make Name And Address Changes
It’s important to keep personal data for CalPERS Supplemental Income Plan participants updated to help ensure that account information and other communications are received without interruption or delay. Please help your active and former employees understand how changes to a name or address are handled.
Active participants
Active participants submit changes to their names and addresses through you. As the employer, you are responsible for updating their names, addresses and employment status in the my|CalPERS system. CalPERS then sends the demographic updates to Voya Financial®, the Plan record keeper. If you have questions about demographic updates in my|CalPERS, please call your CalPERS Supplemental Income Plans analyst toll free at (800) 696-3907.
Terminated and retired participants
Terminated participants and retirees need to update their contact information by logging into my|CalPERS Member Self Service at my.calpers.ca.gov or by calling the CalPERS Member Benefits Service Line at 888-CalPERS (888-225-7377).
Meet The CalPERS SIP Analysts
CalPERS Supplemental Income Plans (SIP) analysts provide valuable support and service,
from answering questions to conducting Employer Service Reviews for your agency.
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Diane Figone has been with CalPERS Supplemental Income Plans since 2008. As your assigned analyst, Diane specializes in my|CalPERS 457 Plan payroll support and enjoys communicating with employers on any issues that may arise. Prior to joining CalPERS, Diane worked for another state agency for four years and also in the private sector for many years. Diane has a passion for cooking and enjoys traveling and gardening.
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Tsean Rowe has been with CalPERS Supplemental Income Plans since 2003. As your assigned analyst, Tsean specializes in payroll support and my|CalPERS support. Prior to joining CalPERS Supplemental Income Plans, Tsean did network maintenance and design in the private sector. When not working, Tsean enjoys camping, gardening and spending time with friends and family.
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Sonia Bugarin has been with CalPERS Supplemental Income Plans since 2007. As your assigned analyst, Sonia specializes in establishing new Business Partners Contracts, payroll support, my|CalPERS support and providing great customer service to employers. Prior to joining CalPERS Supplemental Income Plans, Sonia worked for State Compensation Insurance Fund as an underwriter. In her free time, she enjoys being with her family, visiting book stores, libraries and art galleries, cycling, yoga and long walks and hikes. |
Personal Phone Reviews are available to your employees who have questions about their CalPERS Supplemental Income 457 Plan account or need help from experienced licensed representatives. There is no additional charge for these individual consultations.
By using www.CalPERS457.checkappointments.com to set an appointment, they will receive a confirmation and reminder by e-mail. Or they can call toll free (888) 713-8244 weekdays 8 a.m. – 5 p.m. (Pacific Time).
CalPERS Supplemental Income 457 Plan representatives are available to assist you.
For CalPERS 457 Plan my|CalPERS assistance, email us or call 1-800-696-3907, Monday – Friday, 8:00 a.m. to 5:00 p.m. (Pacific Time).
To schedule onsite participant appointments or presentations, we encourage you to call your local Plan representative toll free, 1-888-713-8244 Monday – Friday, 8:00 a.m. – 5:00 p.m. (Pacific Time).
