FOURTH QUARTER    |   2023
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The Roth contribution option has been added for all agencies in the CalPERS 457 Plan

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.

 

 

Watch for your agency’s 2023 CalPERS 457 Plan Year-end Summary

watch for emailThe 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.

 

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In this Edition

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:
calpers_457_plan@calpers.ca.gov

 

In this Edition

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

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

 

 

Loan reports require the attention of your payroll team

 

If your agency has adopted the CalPERS 457 Plan’s loan provision, your payroll team must give prompt attention to the Plan’s weekly loan feedback report. Loan feedback reports are provided to you through Sponsor Web and include information about new loans issued or paid during the prior week. Please encourage your payroll team to log into Sponsor Web at least once a month to make sure no loan feedback reports have been missed. It is your agency’s responsibility to monitor loan feedback reports, as well as keep us updated with staffing changes to your payroll personnel.

If your agency would like to learn more about adopting the loan provision for your CalPERS 457 Plan, contact us by email at CalPERS_457_Plan@calpers.ca.gov or call 800-696-3907.

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Required Minimum Distribution changes for 2024

Beginning this year, Required Minimum Distributions (RMD) from designated Roth accounts are no longer required because of the SECURE 2.0 Act of 2022. If a participant has a Roth portion of their CalPERS 457 Plan account and received a RMD in the past, this change would mean that their 2024 distribution and distributions in future years will be a smaller amount than they may have expected.

If your participating employees have any questions about Required Minimum Distributions and calculating a RMD based on their account balance, please direct them to call the Plan Information Line at 800-260-0659.

 

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Help your employees achieve financial wellness this year

Research shows that more employees are looking to their employer for education and resources to help them with retirement planning and improving their overall financial wellness. If providing financial education is a goal of yours this year, we want to help! Your dedicated Account Manager* is available for group meeting with your employees and individual one-on-one appointments to educate them on a variety of retirement planning and financial literacy concepts. These educational opportunities are perfect for all employees, even those who are not enrolled in the CalPERS 457 Plan. Together, we can work with your employees to help them understand how their benefits complement each other to help them get and stay on track for retirement. With less financial stress and anxiety in their daily lives, that means happier and more productive employees. To discuss employee education opportunities with 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.


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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. © 2023 Voya Services Company. All rights reserved

 

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