The CalPERS 457 Plan will add the Roth contribution option for all agencies effective January 1 The CalPERS 457 Plan will allow for Roth contributions from all Plan participants beginning on January 1, 2024 to comply with the SECURE 2.0 Act of 2022. The Roth plan option was previously available only if adopted by an agency, but will now be added for all agencies that have adopted the CalPERS 457 Plan. There is no action required to add Roth for your agency’s Plan. Additional information will be sent in the coming months to help prepare you for SECURE 2.0 Act changes. Learn more about the SECURE 2.0 Act’s impact on the CalPERS 457 Plan now and beginning in 2024.

Key findings from the 2023 CalPERS 457 Plan Employer Satisfaction Survey

In February, we invited 1,350 key contacts from agencies that have adopted the CalPERS 457 Plan to take a brief 10-question survey about their experience with the Plan. Thank you to everyone who responded and took time out of their day to share their feedback. The results of and findings from the CalPERS 457 Plan Employer Satisfaction Survey will help us continue to offer you and your employees a convenient way to save for retirement by providing an industry leading retirement benefit.

125 contacts responded to the survey in February and March. Overall satisfaction with the CalPERS 457 Plan was very high (91% are very or somewhat satisfied) and respondents indicated a high likelihood (91% are very or somewhat likely) to recommend the Plan to another public agency or school employer. Satisfaction was also high with Voya support through the Sponsor Web system, the dedicated Account Manager assigned to their agency, CalPERS support through the myCalPERS system, and with their employees’ participation rate in the CalPERS 457 Plan.

The survey also identified areas of opportunity for CalPERS to help improve the 457 Plan. For instance, respondents identified online transactional capabilities as an area of improvement for the Plan. We agree that the additional functionality would improve the participant experience online and are exploring ways to implement enhancements like these in the future.

To discuss your agency’s employee participation rate in the CalPERS 457 Plan and help increase Plan awareness with your non-participating employees, we encourage you to call your dedicated Account Manager at 888-713-8244 today.

The CalPERS 457 Plan has updated its helpful Intranet Template for agencies. The document includes links to CalPERS 457 Plan resources, participant forms, and information that is useful to both 457 Plan participants and non-participating employees who are thinking about enrolling in the Plan.

The CalPERS 457 Plan Intranet Template is free to use. Download the template today and post it to your agency’s employee intranet site.

Is there something missing on the Intranet Template that you would like to make available for your employees? We would love to hear from you. Email Dave Saavedra or call 916-795-3908 to discuss how your agency uses the CalPERS 457 Plan Intranet Template.

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).