SECOND QUARTER    |   2021
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The CalPERS 457 Plan reaches a new milestone

The CalPERS 457 Plan is proud to announce that the Plan now has over $2 billion in assets under management, more than doubling its assets from the end of 2010 ($936 million) to the end of 2020 ($2.06 billion). More than 800 California government employers now participate in the CalPERS 457 Plan, representing various types of city, town, county, school, court, and special district employers. The large pool of assets under management and number of participating agencies gives CalPERS the buying power to help keep costs low for your employees to participate and invest in the CalPERS 457 Plan. Thank you for your continued partnership and for the opportunity to help your participating employees reach their retirement goals.

5 Reasons your employees should consider consolidating their deferred compensation plans

Your employees have the ability to transfer deferred compensation plans with previous employers into the CalPERS 457 Plan. Here are five good reasons why employees should consider consolidating funds, which they can read more about in the latest CalPERS PERSPECTIVE.

  1. They can’t contribute more funds to a previous employer’s sponsored plan.
  2. If they weren’t fully vested by a previous employer, a percentage of their plan will go back to the employer.
  3. Their previous employer has the power to move their money to different financial institutions.
  4. They may be paying unnecessary fees.
  5. All their money can be easily managed in one place. 

For more information about consolidating assets from former employer retirement plans into the CalPERS 457 Plan, employees can schedule a personal account review with their local Account Manager by visiting calpers457.timetap.com or calling 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT.


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In this Edition

The CalPERS 457 Plan reaches a new milestone

5 Reasons your employees should consider consolidating their deferred compensation plans

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

New CalPERS employee education kit focuses on helping your employees achieve financial wellness

Schedule a CalPERS 457 Plan presentation led by your Account Manager!

Employees are welcome to join us for a CalPERS 457 Plan webinar

Request a plan review to help satisfy your fiduciary responsibility

Contact Us

 

Resources

Archive

Contact a local Account Manager

CalPERS Webinars

CalPERS Employer Resource Center

my|CalPERS

calpers457.com

calpers.voya.com

View the quarterly making cents newsletter for CalPERS 457 Plan participants

 

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

Since it became available in March, 2019, 218 agencies throughout the state have signed up to add the Roth 457 option to the CalPERS 457 Plan for their employees. In the two years since becoming available, 1,023 CalPERS 457 Plan participants now have a total of $5,611,086.27 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 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 for your agency to add the option to your CalPERS 457 Plan. Just complete and return the Roth Adoption Form to the attention of “CalPERS 457 Plan."

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 my|CalPERS, just like traditional pre-tax contributions.

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

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New CalPERS employee education kit focuses on helping your employees achieve financial wellness

Financial stress, caused by financial unwellness, is overwhelming workers. Financial stress is one of the leading stressors in the workplace and may be affecting the way your employees feel and perform. The CalPERS 457 Plan offers a financial wellness experience that can help your employees reach retirement readiness on time and with preventative care for their finances.

To help employees take the next step on their financial wellness journey, CalPERS has created a quarterly education “kit” with materials that you can share with all employees, even those who are not currently participating in the CalPERS 457 Plan. The financial wellness kit, “Tomorrow starts today,” will be sent to your agency by email in August.  

We hope you use these quarterly kits to educate all of your employees about their financial wellness journey and participating in the CalPERS 457 Plan. Please call the CalPERS 457 Employer Plan Line at 800-696-3907 or email CalPERS_457_Plan@calpers.ca.gov with any questions about distributing the quarterly kit’s materials to your employees.

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virtual screen meeting

Schedule a CalPERS 457 Plan presentation led by your Account Manager!

Your agency’s local Voya Account Manager* is available for virtual presentations with your employees to educate them about the CalPERS 457 Plan and saving for retirement. Group meetings are perfect for all employees, even those who are not enrolled in the CalPERS 457 Plan, and help promote the unique retirement benefit that is available to them through your agency.

Employees can schedule personal one-on-one phone appointments by visiting calpers457.timetap.com to sign up. To discuss hosting an employee webinar presentation led by your 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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Employees are welcome to join us for a CalPERS 457 Plan webinar

Your employees are welcome to register for CalPERS webinars on a variety of retirement planning and savings topics. A different one-hour webinar is offered each Friday of the month at 12 p.m.

Employees can visit zoom.us/join and enter the ID below to sign up any of the available dates.

webinar icon
  SUN MON TUE WED THU        FRIDAY SAT
           

Bridging the Gap
ID: 980 9245 8096
1st Friday of the month

 
           

Staying the Course
ID: 998 4130 9600
2nd Friday of the month

 
           

Exploring the Roth Option
ID: 837 686 594
3rd Friday of the month

 
           

Retiree Connection
ID: 924 9594 8295
4th Friday of the month

 



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 man at computer

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).

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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. © 2021 Voya Services Company. All rights reserved

 

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