Introducing the New calpers457.com

CalPERS has a brand new participant website to make it easier for your employees to stay on top of their CalPERS 457 Plan.

The new calpers457.com will help your employees learn more about the features of the CalPERS 457 Plan. They will also have 24/7 access to Plan forms and investment performance information. Participants can then click the Log Into Your Account button at any time to access their CalPERS 457 Plan account. 

Regular account access and account review is an important way for participants to keep their information safer online. Encourage your employees to register their CalPERS 457 Plan account username and password through calpers457.com and log in regularly to stay on track for retirement and help prevent the potential cyber threats that can occur to unmonitored accounts.

Supporting Caregivers in the Workplace

In the United States, there are nearly 62 million people who have reported special needs or disabilities¹ and another 66 million who are caregivers². Caregivers represent an integral part of the special needs community and offer a range of support including emotional, financial, social, physical and medical. While caregivers are fully dedicated to their roles, spending an average of 24 hours a week providing care³, many provide this care while maintaining part- or full-time jobs and managing other responsibilities.

Today, only 56 percent of caregivers report that their work supervisor is aware of their caregiving responsibilities⁴.  And while employers are often unaware of the impact caregiving has on both employees and the workplace, caregiver absenteeism actually costs companies $38 billion per year due to absenteeism, lost productivity, increased healthcare costs, and recruiting and training new staff.⁵

Employers can help fill this gap and meet the needs of their caregiving employees by encouraging open, honest communication in the workplace and by providing resources to benefit all employees, including caregivers. For example, resources are available to help link families with virtual care coordinators who can serve as experts, advocates, organizers, and take over many tasks for caregiving employees. Solutions like these can give employers an opportunity to meet the specific needs of their caregiving employees, while helping all of their employees find a better work-life balance. Through the Voya Cares program, Voya^® can also help employers and employee caregivers learn more about and connect to resources that help caregivers better plan for the future.

If you’re looking for ways to help provide your employees with the support they need in the workplace to juggle work and caretaking responsibilities, please refer them to voya.com/voyacares for articles, tools and resources from the Voya Cares program.

¹ Prevalence of Disabilities and Health Care Access by Disability Status and Type among Adults, United States, 2016
² U.S. Census Bureau data and respondents’ self-identification, 2016
³ National Alliance for Caregiving and AARP: Caregiving in the U.S., 2015
⁴ U.S. Department of Health and Human Services, Caregiver Resources & Long-Term Care, 2017
⁵ NEBGH and AARP Report, The Caregiving Landscape: Challenges and Opportunities for Employers, 2017

Contribution And Catch-Up Limits In 2020

Please remind all Plan participants that the IRS has raised the limits on contributions in 2020, allowing them to contribute and save more for their future.

Make sure your employees who are close to retiring know that they could save more for retirement by making a catch-up contribution to the CalPERS 457 Plan if they will be age 50 or older in 2020, or if eligible, using the Three-Year Special 457(b) Catch-Up.

To use the Age 50+ Catch-Up, a Participant Change Authorization Form should be completed and submitted to your Benefits Office.

Please work closely with your employees who may be eligible for the Three-Year Special 457(b) Catch-Up. If a participant is within three years prior to the year in which that individual will reach the Plan’s definition of normal retirement age, the participant will need to:

• Calculate the available amount under the Three-Year Special 457(b) Catch-Up in 2020 based on the participant’s prior contributions.
• Complete a Participant Change Authorization Form and Three-Year Special 457(b) Catch-Up Worksheet and return both to you.

Participants who want to increase their current deferrals to the Plan under one of these catch-ups must complete the Participant Change Authorization Form before the first day of the calendar month in which the compensation would be paid or made available.

IRS rules provide that both catch-up options cannot be used in the same tax year. Participants who are eligible for both can use the catch-up option that allows them to contribute the greatest amount in that tax year.

Keep Us Updated about Payroll Staff and Email Changes

If your agency has adopted the loan provision, your payroll team works with Voya Institutional Plan Services LLC to administer and process loan payments. Let’s keep working together to help things go smoothly for you.

It is vital to let Voya know if there’s a change on your team. Otherwise, emails that alert your team to download the latest loan feedback reports will not reach the right people.

These reports require immediate action. Even a short delay in processing payroll deductions for loans can trigger problems, from loan repayment delinquency to loan defaults and IRS tax bills for borrowers.

Please report any changes in the names and emails of your team members who handle loans at your agency as soon as possible. Contact CalPERS_Plan_Admin@voya.com.

Make 2020 the Year to Add the Roth 457 Option

Adding the Roth 457 Plan option to your CalPERS 457 Plan is a great way to offer a new employee benefit at no cost to your agency. The option gives CalPERS 457 Plan participants two choices for making contributions to the Plan and offers them the flexibility to create a future source of tax-free income in retirement.

To get started, complete and return the Roth Adoption Form to CalPERS. Once CalPERS approves your Roth adoption request, the adoption agreement will become effective the month after the agreement is made. Your participants may elect to make Roth after-tax contributions as soon as the provision is activated.

After you’ve added the Roth 457 Plan option, you can also request an onsite presentation about the new feature from your local CalPERS 457 Account Manager. Call 1-888-713-8244 to schedule a Roth 457 Presentation at your location.

Start 2020 with a Plan Review

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 1-916-795-3908 to arrange a review in person or as a written document.

2019 Required Minimum Distributions for Employees 

The first Required Minimum Distribution (RMD) from the CalPERS 457 Plan must be taken by April 1, 2020 for retired employees who turned 70½ during 2019. If a retired employee takes the 2019 RMD in the year 2020, he or she must also take a second Required Minimum Distribution for 2020 by December 31. Beginning in 2020, the age for when participants must take their first RMD at has increased to the year he or she reaches age 72 or retires — whichever is later. The increase from age 70½ to age 72 comes through the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 legislation to help address the nation’s retirement crisis. Look for more information about the SECURE Act in future editions of Employer Cents.

Personal Phone Reviews for Your Employees

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

Encourage them to visit calpers457.checkappointments.com to schedule an appointment. They will then receive an appointment confirmation email and a reminder email as the date nears. Employees can also schedule an appointment by calling 1-888-713-8244 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).

Contact Us

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