Changes to the CalPERS 457 Plan Target Retirement Date Funds

The CalPERS Board of Administration has approved changes to the asset allocation of the CalPERS Target Retirement Date Funds based on changing characteristics of Plan participants and financial market conditions. These changes will be effective on October 1, 2022 for the CalPERS 457 Plan.

CalPERS periodically reviews and makes changes to the asset allocation of each Target Retirement Date Fund based on factors such as a review of participant demographics, life expectancy, estimated salary growth, and changing market conditions. Effective October 1, 2022, each Target Retirement Date Fund’s mix of stocks, bonds, real assets and cash will change to reflect recently approved allocations.

The costs associated with the Core and Target Retirement Date Funds will also be reduced by 0.06%. This will allow all participants to keep more of their investment dollars working in their account, accumulating more savings over time.

CalPERS 457 Plan participants have been notified by mail to communicate the October 1 changes. More information about the changes to the asset allocation of the Target Retirement Date Funds will be detailed in October’s Employer Cents. If you have any questions about these changes, please call your agency’s dedicated Account Manager at 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT.

Your employees have an opportunity to take advantage of a unique benefit with the CalPERS 457 Plan. Individual, personal one-on-one phone appointments with a CalPERS 457 Account Manager are available as part of our continued efforts to educate your employees about the benefits of the CalPERS 457 Plan.

A CalPERS quarterly education kit was sent to your agency by email on or around July 12th. The kit included an email and 2-page flyer that you could download and share with all employees, even those who are not currently participating in the CalPERS 457 Plan.

We hope your employees will utilize their Account Manager to learn more about retirement planning and participate in the CalPERS 457 Plan as an important and convenient way to save. Please call your agency’s dedicated Account Manager at 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT. with any questions.

Schedule a CalPERS 457 Plan presentation for employees, led by your dedicated Account Manager

Your dedicated Account Manager* is available for virtual and on-site 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 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.

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).