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.

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.

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!  

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.

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).

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).