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In 2023, CalPERS 457 Plan participants contributed over $8 million in Roth after-tax money to help secure their financial future. With the Roth contribution option available as of January 1 for all participants, are you prepared to help your employees save for retirement with the contribution type that works best for them? If your agency had previously adopted the Roth contribution option, please continue to educate employees that they can save for retirement with Roth after-tax money and take qualified withdrawals of federal tax-free money in retirement by doing so. If your agency is new to the Roth contribution option, CalPERS is available to help you add Roth after-tax contributions to a CalPERS 457 Plan Payroll Report. Email us or call 800-696-3907 for help processing Roth contributions and thank you for updating your workflows to allow employees this additional way to save for retirement.
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Watch for your agency’s 2023 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. This month, 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, 2023. This annual email from CalPERS will detail your 457 Plan participation rate, total contributions and assets, and use of optional participant features. 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 help increase employee engagement and participation, contact CalPERS by email at CalPERS_457_Plan@calpers.ca.gov or call 800-696-3907.
It is vital to let the CalPERS 457 Plan team know when there are changes to your personnel. 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 the CalPERS 457 Plan team as soon as possible by contacting:
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The Roth contribution option has been added for all agencies in the CalPERS 457 Plan Watch for your agency’s 2023 CalPERS 457 Plan Year-end Summary Loan reports require the attention of your payroll team Required Minimum Distribution changes for 2024 Help your employees achieve financial wellness this year Request a plan review to help satisfy your fiduciary responsibility
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CalPERS Employer Resource Center making cents Participant Newsletter Schedule a Personal Phone Appointment
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