FOURTH QUARTER    |   2022
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IRS announces contribution and catch-up limits for 2023

On October 21, 2022, the IRS issued Notice 2022-55 to announce the 2023 dollar limits for contributions to retirement savings vehicles like the CalPERS 457 Plan. This means your employees can save even more for retirement this year.

 

2023 2022
Age 49 and Under $22,500 $20,500
Age 50+ Catch-up1 Up to an additional $7,500 Up to an additional $6,500
Special 457(b) Catch-up2 The total of the regular limit plus missed contributions from prior years, up to $45,000 The total of the regular limit plus missed contributions from prior years, up to $41,000

1Age 50 and older before year-end. The Age 50+ Catch-up is only available to plans sponsored by a governmental employer.

2 This special election catch-up applies to employees participating in an eligible governmental 457(b) deferred compensation that have elected the special catch-up available in the three years prior to the year of normal retirement age. If you are eligible for both the Age 50 and older catch-up and the special election catch-up under your 457(b) plan, IRS rules do not allow you to use both in the same calendar year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.


What else do you need to know and how can you help
your employees with this information?

  • View the 2023 Cost of Living Adjustments for more information on the dollar limits set in Notice 2022-55.

  • The CalPERS 457 Plan Employee Enrollment Kit has been updated for 2023. With higher contribution limits this year, the CalPERS 457 Plan could help your employees complement Social Security, pension benefits, and other personal savings to help reach their retirement goals.

  • Bookmark the Employer Resource Center for all CalPERS 457 Plan resources including participant materials and forms.

  • Remember that the Participant Change Authorization Form is now fillable, making it easier for an employee to update their contribution amount by completing the form online before printing and signing it for processing.

  • If an employee has questions about their Special 457(b) Catch-up limit, please encourage them to schedule an appointment with their dedicated Account Manager to discuss designating a “Normal Retirement Age” and for assistance completing the Three-year Special 457(b) Catch-up Worksheet.

For any questions about the 2023 limits, please call your dedicated
Account Manager at 888-713-8244.

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In this Edition

It is vital to let CalPERS know when there are changes to your team. Let’s work together to ensure that we have updated records of your agency’s points of contact, their roles, and how to reach them by phone and email.

Please report any changes to team members as soon as possible by contacting:
calpers_457_plan@calpers.ca.gov

 

In this Edition

IRS announces contribution and catch-up limits for 2023

Watch for your agency’s 2022 CalPERS 457 Plan Year-end Summary

The 2023 CalPERS 457 Plan Agency Satisfaction Survey launches this February

America Saves Week is February 27 – March 3, 2023. Encourage your employees to commit to building their financial confidence.

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

Request a plan review to help satisfy your fiduciary responsibility

Contact Us

 

Resources

Archive

calpers457.com

calpers.voya.com

CalPERS Employer Resource Center

CalPERS 457 Plan Webinars

CalPERS Webinars

making cents Participant Newsletter

myCalPERS

Schedule a Personal Phone Appointment

 

Watch for your agency’s 2022 CalPERS 457 Plan Year-end Summary

The CalPERS 457 Plan continues to be a valuable retirement benefit for more than 800 public agency and school employers that have adopted the voluntary savings program. This February, contacts for all agencies and school employers with at least one employee participating in the CalPERS 457 Plan will receive an email summarizing the value of the Plan as of December 31, 2022. This annual email from CalPERS will detail your 457 Plan participation rate, total contributions and assets, as well as the optional features your agency has elected for employees. We encourage you to review the email and save it for your records to help satisfy your fiduciary responsibility

For questions about your results or to create a plan to increase employee engagement and participation in 2023, contact CalPERS by email at CalPERS_457_Plan@calpers.ca.gov or call 800-696-3907.

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person taking an online survey

The 2023 CalPERS 457 Plan Agency Satisfaction Survey launches this February

The CalPERS 457 Plan will conduct a survey in February to evaluate your experience and satisfaction with the CalPERS 457 Plan as a low-cost, convenient way for your employees to save for retirement. Questions will measure your satisfaction with Plan features, processes, resources, administrative support, and services as a public agency or school employer that has adopted the CalPERS 457 Plan. Email invitations to the survey will be sent in February to all agency contacts. Anyone who has interacted with the CalPERS 457 Plan can respond to the survey, and multiple responses from the same agency are welcomed. Responses are anonymous and the survey should take you about 5 minutes to complete, so we encourage you to use this opportunity to share your experience with the CalPERS 457 Plan. We look forward to hearing from you!  

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America Saves Week is February 27 – March 3, 2023

Encourage your employees to commit to building their financial confidence.

Financial confidence is about more than what’s in your bank account. It embraces your habits, motivations and milestones. Financial confidence can help your employees feel better prepared, even when the going gets tough. This year, help your employees make a commitment to feel confident about money so they can plan for a more secure financial future. The CalPERS 457 Plan has a variety of resources that can help your employees improve their money habits, understand their debt, get a full picture of their finances, and invest in themselves on the journey to financial confidence. Call your dedicated Account Manager at 888-713-8244 to schedule a CalPERS 457 Plan webinar for your employees to learn more about financial confidence during America Saves Week.

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virtual screen meeting

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).

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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.


business woman at computer

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).

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Plan administration services provided by Voya Institutional Plan Services, LLC. 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).

This newsletter was prepared by Voya Financial®. Articles by Voya are not intended to provide tax or investment advice. Any opinions, advice, statements, services, offers or other information or content expressed or made available herein has not been independently verified by the California Public Employees’ Retirement System (CalPERS), nor does it necessarily state or reflect the views of CalPERS. Reference herein to any specific commercial products, processor service by trade name, trademark, manufacturer or otherwise does not necessarily constitute or imply its endorsement, recommendation or favoring by CalPERS. © 2022 Voya Services Company. All rights reserved

 

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