IRS announces contribution and catch-up limits for 2022

Please remind all Plan participants that the IRS has announced the limits on contributions in 2022, allowing them to continue contributing and saving 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 2022, or if eligible, using the Three-Year Special 457(b) Catch-Up.

To use the Age 50+ Catch-Up, a participant must complete the Participant Change Authorization Form and submit it to your Benefits Office for processing.

You can contact your dedicated Account Manager for assistance with the Three-Year Special 457(b) Catch-Up rules and procedures. Refer to the Account Manager Flyer for the contact information of your area’s Account Manager or call 888-713-8244 weekdays between 8 a.m. – 5 p.m. PT for assistance.

Please encourage your participating and active non-participating employees to regularly review their retirement planning strategy and make voluntary contributions to the CalPERS 457 Plan to help reduce their retirement income gap and stay on track for retirement.

*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.

New CalPERS quarterly employee education kit focuses on taxes and saving to the CalPERS 457 Plan

 This quarter’s CalPERS employee education kit includes materials that you can share with all employees, even those who are not currently participating in the CalPERS 457 Plan. This quarter’s kit “You, your taxes, and the CalPERS 457 Plan” will be sent to your agency by email in January. Sharing the kit’s email and flyer with your employees can help them learn about how the CalPERS 457 Plan can help reduce their taxable income and get them on track for retirement.

We hope you use these quarterly kits to educate all of your employees about enrolling 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.

February 21 - 25 is America Saves Week.
Encourage your employees to be resilient for life.

Crafting a resilient financial life means taking control of your money, prioritizing your financial goals and putting your plan in action. Whether your employees are envisioning a debt-free life so they can lessen their financial stress, building an emergency fund to prepare for the unexpected, or getting back on track with their goals, it’s never too late to start saving for a stronger, more resilient tomorrow.

America Saves Week is February 21 – 25. This year, challenge your employees to reach their savings goals by learning more about strategies to start saving for a more resilient future. Encourage them to visit voya.com/page/steps-balance-your-spending-and-saving for resources and tools to help them balance spending and saving, setting goals, building a budget, and more.

Know where to go

If you or your employees have questions about or need assistance with the CalPERS 457 Plan, we want to help.

Still not sure where to direct your employee? Contact your local Account Manager today at 888-713-8244.

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).

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).