For Agencies That Adopt Loan Provision

It’s extremely important for your payroll team to review and act on the information in CalPERS 457 Plan loan feedback reports right away.

This information alerts your team to initiate payroll deductions for new loans or stop deductions when loans are paid in full during the prior week.

If there is no loan activity for the previous Monday through Friday, no report is sent. Otherwise, Voya Financial^®, the CalPERS 457 Plan’s record keeper, produces loan feedback reports each Friday evening and sends you an email that the report is ready for you to download from Sponsorweb.

If you don’t begin payroll deductions for new loans promptly, participants could fall behind on the required repayment schedule established in accordance with Internal Reveue Service criteria. Voya’s system automatically generates loan delinquency notice letters any time a loan falls behind schedule 30 days. A second reminder is generated at 60 days.

The delinquency notices inform participants they are responsible for making up the missed payments to bring the loan current and avoid exceeding the maturity date on the loan. IRS guidance provides that loans will be in default at the end of the quarter following the quarter in which a payment was missed that was not repaid within that time period. If a participant defaults on a loan, the outstanding loan balance is reported to the IRS as a CalPERS 457 Plan distribution to the participant and is subject to income tax.

To minimize the likelihood of participants facing this situation, you may want to log into Sponsorweb once a month to be certain you haven’t missed a loan feedback report, especially if you have not received email notifications for a while.

Please contact CalPERS_Plan_Admin@voya.com if you:

• need help accessing loan feedback reports.
• have problems with starting loan repayments.
• have questions.
  
  

National Retirement Security Week  

National Retirement Security Week is October 16 – 20, 2017. During this time, please help your agency’s employees take full advantage of the 457 Plan:

• Encourage all eligible employees to enroll in the 457 Plan.
• Suggest that all 457 Plan participants review their contribution level and investments.
• Reach out to participants who are age 50 and older to remind them about catch-up contribution options for saving more in the 457 Plan.
• Arrange for your local representative to come to your agency for participant appointments or presentations. Call toll free 1-888-713-8244 Monday – Friday, 8 a.m. – 5 p.m. (Pacific Time).

CalPERS Employer Educational Forum

We invite you to visit the CalPERS Supplemental Income 457 Plan booth at the CalPERS Educational Forum October 23 – 25, 2017 in Rancho Mirage.

CalPERS Supplemental Income Plans and Voya^® representatives* will be available daily to talk with you about the 457 Plan.

This annual event offers city, county, school, special district and state employees the opportunity to:

• Learn more about CalPERS services and programs
• Meet representatives from other agencies, schools and our Board of Administration
• Earn Continuing Education Credit for attending sessions

* 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).

Retiree Connection Webinar December 1

Please encourage employees to register for the Retiree Connection – A 457 Presentation webinar Friday, December 1, 2017 at 12 p.m. (Pacific Time). This webinar reviews potential retirement income sources, with the main focus on 457 Plan options.

There are two easy ways to register:

• Go to https://attendee.gotowebinar.com/register/6193089783330958082
  
  
• Or visit gotowebinar.com and join webinar ID: 939-614-0435. 

Report Team Changes Promptly

We work as a team with your agency’s internal payroll, human resources and administrative support staff in providing the CalPERS 457 Plan to your employees. When someone joins or leaves your staff in payroll, HR or administrative support, please let the CalPERS 457 Plan team know right away. Call toll free 1-800-696-3907 or send an email to CalPERS_457_Plan@calpers.ca.gov.

Help Is Available For Your Employees

Your employees can get answers and help with their CalPERS 457 Plan accounts from experienced registered representatives.*

When they use www.calpers457.checkappointments.com to set an appointment, they will receive a confirmation and reminder by email. Or they can call toll free 1-888-713-8244 weekdays 8 a.m. – 5 p.m. (Pacific Time).

* 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).

Contact Us

CalPERS Supplemental Income 457 Plan representatives are available for my|CalPERS and payroll assistance. Email us or call 1-800-696-3907, Monday – Friday, 8 a.m. to 5 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 a.m. – 5 p.m. (Pacific Time).