Making Cents | November 2025

Multiracial families roasting marshmallows while gathering around campfire in woods.

Announcements | Looking Ahead | Spotlight | Learning More | Planning for Retirement

NOVEMBER 2025 | IN THIS ISSUE

How much can you save in 2026?

Tackle your future goals with five smart savings buckets

Meet the dedicated Account Managers for the CalPERS 457 Plan

5 small steps to help achieve your future financial goals

Are you financially preparing for retirement?

QUICK LINKS

Log into Your CalPERS 457 Plan Account

Dedicated Account Managers for the CalPERS 457 Plan

Schedule an Appointment with a Dedicated Account Manager

Participant Change Authorization Form

Three-year Special 457(b) Catch-up Worksheet

Voya’s Budget Calculator

CalPERS 457 Plan webinars and on-demand videos

Announcements

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How much can you save in 2026?

As a participant in the CalPERS 457 Plan, it’s important to review your contribution amount regularly to help ensure you are on track to achieve your personal retirement goals. If you can still contribute to the Plan, you can save more in 2026 as you continue on the journey to and through retirement. The IRS recently announced the 2026 contribution limits for retirement plans like yours. Here are the key details based on your age by the end of 2026:

If you are age 49 and under by the end of 2026, you can contribute up to $24,500 in 2026.
If you are age 50-59 or 64+ by the end of 2026, you can contribute up to $32,500 ($24,500 + $8,000) in 2026.
If you are age 60-63 by the end of 2026, you can contribute up to $35,750 ($24,500 + $11,250) in 2026.
If you are in the three years prior to the year of the Plan’s definition of normal retirement age and qualify for the 457 Special Election Catch-Up provision, you must complete a Three-year Special 457(b) Catch-up Worksheet to contribute up to $49,000 ($24,500 + $24,500) in 2025.¹

New in 2026: If your wages are subject to Social Security tax and you made more than $150,000 in 2025 (Box 3 of the Form W-2), you may only make age 50+ catch-up contributions on a Roth after-tax basis in 2026. This requirement does not apply to the 457 Special Election Catch-Up provision. Please contact your dedicated Account Manager for more information.

The increased contribution limits are a great opportunity for you to maximize your CalPERS 457 Plan savings. When you’re ready to update your contributions, please complete the Participant Change Authorization Form and return it as directed. Call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment with your dedicated Account Manager² to review and discuss your annual contribution limits. We are here to help.

¹The special election catch-up applies to participants 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, as defined by the 457(b) plan. If you are eligible for either the Standard or Super Catch-up and the 457 Special Election Catch-up under your 457(b) plan in the sane tax year, IRS rules do not allow you to use the age-based catch-up and the 457 Special Election Catch-up in the same tax year. IRS rules permit you to use the catch-up that lets you contribute the greater amount.

² 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.

Looking Ahead

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Tackle your future goals with five smart savings buckets

As you work toward achieving your future financial goals, are you allocating your money appropriately? If you’re worried about managing multiple priorities, paying off debt, or just making it by each month, understanding what’s out there and how it can work for you is an important step when it comes to meeting your financial needs.

Here are five types of savings buckets that you should consider:

Household — when it comes to saving for everyday needs, utilizing a household budget is key to making sure you balance your spending and saving. Understanding the balance between your needs, wants and savings can be helpful when it comes to understanding your future financial goals. Get started by building your household budget with Voya’s Budget Calculator.

Emergency — do you have enough cash to cover an unexpected situation? Making sure you set aside money specifically for life’s unknowns can help you from going into debt when life happens. Learn more about the importance of an emergency fund and make a plan to start saving any amount to an emergency account. Your future self thanks you.

Health – healthcare continues to be one of the largest expenses in retirement. Having a separate account for health-related expenses is important in making sure you don’t have to dip into your retirement account or other savings accounts to pay for medical expenses. Whether you have access to a Health Savings Account through your employer or create a separate savings account for health-related expenses only, saving for future medical costs can help you enjoy your retirement dollars that much more. Learn more about a Health Savings Account.

College — are you planning to support a student when they go to college? If so, consider the different types of college savings accounts available to you. Whether it’s a 529 Savings plan, an Educational Savings Account or an UGMA/UTMA account, make sure that you are able to help support their future without losing sight of yours. Watch this video on saving for college for more information.

Retirement — no matter what retirement looks like for you, you’ll need to save to achieve that goal. Participating in the CalPERS 457 Plan is a good start, but consider ways to take action now so you can enjoy life in retirement. For example, consider increasing your CalPERS 457 Plan contributions by 1% each year. Those kinds of small changes today can help make a big impact for the future. Visit calpers457.com to log into your account and review the myOrangeMoney® retirement calculator to see how much you may need and your progress toward that goal.

family at beach

Remember that everyone’s financial plan is different. It’s never too late to start when it comes to working toward the future you envision.

If you need help, call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment with your dedicated Account Managerto review and discuss your financial goals.

IMPORTANT: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.

Spotlighting the CalPERS 457 Plan

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Meet the dedicated Account Managers for the CalPERS 457 Plan

Saving for retirement with the CalPERS 457 Plan is just one component of securing your financial future. Regularly meeting with a dedicated Account Manager for the CalPERS 457 Plan can help you develop and maintain a retirement planning strategy that considers how the money you save will help to meet your retirement goals.

There are seven dedicated Account Managers that are assigned across the State. There’s no additional cost to meet with any of them on a date and at a time that’s most convenient for you. Phone appointments are available in both English and Spanish as well. It’s easy to schedule a one-on-one personal phone appointment. Visit calpers457.timetap.com or call 888-713-8244 today.		David Vallerga Certified Retirement Counselor® David.Vallerga@voya.com 888-713-8244 ext. 6
		Darren Wagerman Certified Retirement Counselor® Darren.Wagerman@voya.com 888-713-8244 ext. 5
		Nancy Garrity Certified Retirement Counselor® Nancy.Garrity@voya.com 888-713-8244 ext. 2
		Debbie Orlauski Certified Retirement Counselor® Deborah.Orlauski@voya.com 888-713-8244 ext. 4
		Junior Granados, CFS® Certified Retirement Counselor® Junior.Granados@voya.com 888-713-8244 ext. 8
		Dauna Bohlken Dauna.Bohlken@voya.com 888-713-8244 ext. 3
		Selam Berayes Selam.Berayes@voya.com 888-713-8244 ext. 1

Learning more about the CalPERS 457 Plan

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5 small steps to help achieve your future financial goals

Where will your income in retirement will come from? It may come from Social Security. It may come from a pension. Those sources, though, may not be enough to provide you with the financial security you’ll need in retirement. That’s where the CalPERS 457 Plan can help you reduce the retirement income gap and give you the confidence that comes with having a plan to achieve your financial goals. Here are some steps to consider taking on the journey to and through retirement.

1. Save more as you earn more. Regularly review the paycheck deduction amount to your CalPERS 457 Plan account and consider increasing the amount if your salary has increased since the last time you made a change. Visit calpers457.com to download and complete a Participant Change Authorization Form to update your savings rate.

2. Transfer accounts from former employers to the CalPERS 457 Plan. Voya can help you roll retirement accounts from former employers into your CalPERS 457 Plan account to simplify your retirement planning process. Consolidating accounts can help you stay on top of your finances by investing consistently, paying the same fees and tracking your retirement progress in one place.¹ Call 866-865-2660 or email ACT@voya.com to learn about your options to help simplify your financial life.²

3. Engage with your account regularly. Even if you don’t plan on logging in more than a few times per year, having a username and password on file along with multi-factor authentication associated with your email address or phone number can make it harder for a fraudster to gain access to your personal information. While securing all your financial accounts is important, start by focusing on your CalPERS 457 Plan account. Visit calpers457.com and log in regularly to review your recent account activity.

4. Put your future into focus with myOrangeMoney. Do you know how your CalPERS 457 Plan account balance translates to monthly income? myOrangeMoney can help you estimate your progress toward creating sustained income throughout retirement. Whether retirement is 5 years or 40 years away, myOrangeMoney helps to estimate where you stand on the journey to retirement and what you can do to improve your outlook. Visit calpers457.com to start.

5. Schedule an appointment to get help along the way. All participants in the CalPERS 457 Plan can take advantage of a unique service at no additional cost. Appointments with a dedicated Account Manager are available online, by phone, or onsite. Call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment to review and discuss your retirement saving strategy.³

¹ Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Please note that assets rolled over from other non-457 plans (such as401(a)/401(k), 403(b), a traditional IRA) may remain subject to the IRS 10% premature distribution penalty tax.

² Retirement Consultants are registered representatives of and offer securities through Voya Financial Advisors, Inc. (member SIPC).

³ 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.

Planning for retirement with the CalPERS 457 Plan

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Are you financially preparing for retirement?

If your goal is to retire in the next 10 years, taking steps today can help you feel more confident about making that retirement dream into a retirement reality. It may not happen, though, without knowing what you’ll need to achieve your goals and making a plan to get there. Here’s how to consider getting started or staying on track if retirement is within reach.

Know your retirement income sources.	Understanding where your income will come from in retirement is key. This may include: A defined benefit plan or CalPERS pension Social Security benefits Your CalPERS 457 Plan account Other retirement savings from former or current employers Personal savings and investments Visit calpers457.com to log into your CalPERS 457 Plan account and input financial information into the myOrangeMoney experience to track your retirement progress by considering all your available saving sources.
Maximize your contributions.	Are you contributing enough to meet your retirement goals? Consider: Increasing your contributions annually or when you get a raise. Taking advantage of the age 50+ catch-up contribution provisions. If you’ve reached the annual contribution limit for the year, consider if there are other tax-deferred saving vehicles you can contribute to based on your unique situation. Even small increases to your annual savings can make a big difference over time.
Revisit your goals regularly.	Life changes, and so should your financial plan. Whether you’ve changed jobs, had a family milestone, or are nearing retirement, it’s a good idea to: Reassess your retirement age and income needs. Adjust your savings rate or investment strategy based on where you plan to retire or what you hope to do in retirement. Update your estate plan or beneficiary designations after a marriage, divorce, birth, death, or adoption. Meet with tax or legal professionals to help keep your finances in order.
Take advantage of your resources.	You’re not alone on the journey to and through retirement. CalPERS offers a variety of resources, both in-person and online. Live webinars On-demand videos One-on-one personal phone appointments Retirement readiness checklists and planning tools

Visit calpers457.com or contact your dedicated Account Manager for the CalPERS 457 Plan to explore what’s available.

This material has been provided for educational purposes only. This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice.

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