Making Cents | May 2025

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

MAY 2025 | IN THIS ISSUE

The costs associated with investing in the CalPERS 457 Plan’s investment fund options went down again

Investing for the long term

Don’t take the summer off from your finances

Access more investment choices with the Self-Managed Account option

Get the most out of participating in the CalPERS 457 Plan

Ways to budget and manage your money this year

QUICK LINKS

Log into Your CalPERS 457 Plan Account

Schedule an Appointment with a Dedicated Account Manage

Participant Change Authorization Form

What kind of investor are you?

CalPERS Target Retirement Date Funds Performance

CalPERS Core Funds Performance

Announcements

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The costs associated with investing in the CalPERS 457 Plan’s investment fund options went down again

The CalPERS 457 Plan is regularly reviewed to ensure that it best serves those currently participating and those who will do so in the future.

Effective April 1, the annual costs associated with investing in the Plan’s investment fund options were reduced by 0.02% to a range between 0.19% - 0.32%, depending on the investment. The cost reduction allows all CalPERS 457 Plan participants to keep more of their investment dollars working in their account, helping to accumulate more savings over time.

The cost of investing in the CalPERS Target Retirement Funds has decreased by 55% since 2020. That means it’s never been a better time, or cost less, to participate in the CalPERS 457 Plan.

Investment Name	Fee as of 2020	Fee as of Oct. 2024	Fee as of Apr. 2025
State Street Short Term Investment Fund	0.45%	0.23%	0.21%
State Street Real Asset Fund	0.55%	0.34%	0.32%
State Street U.S. Short-Term Government/Credit Bond Index Fund	0.45%	0.22%	0.20%
State Street U.S. Bond Index Fund	0.40%	0.21%	0.19%
State Street Russell All Cap Index Fund	0.41%	0.21%	0.19%
State Street Global All Cap Equity Ex-U.S. Index Fund	0.46%	0.22%	0.20%
CalPERS Target Retirement Income Fund	0.42%	0.22%	0.20%
CalPERS Target Retirement 2020 Fund	0.43%	0.22%	0.20%
CalPERS Target Retirement 2025 Fund	0.43%	0.22%	0.20%
CalPERS Target Retirement 2030 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2035 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2040 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2045 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2050 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2055 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2060 Fund	0.44%	0.22%	0.20%
CalPERS Target Retirement 2065 Fund	N/A	0.22%	0.20%

Do you have questions? We want to help.
All retirement plans are not created equal. If you’re not sure how your other retirement plans compare to the CalPERS 457 Plan, schedule a one-on-one personal phone appointment with a dedicated Account Manager¹ to review and discuss your retirement income sources. Call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment on a date and at a time that’s most convenient for you. You can also visit calpers457.com for investment performance information or call the Plan Information Line at 800-260-0659 weekdays from 6:00 a.m. – 5:00 p.m. PT (excluding stock market holidays) for account questions and to conduct transactions.

¹ 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 (VFA). Plan administration services provided by Voya Institutional Plan Services, LLC.

Looking Ahead

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Investing for the long term

Feeling anxious and unsure about the future? Saving for long-term financial goals like retirement is a marathon, not a sprint. There are several things you can do to navigate today’s uncertainty and plan for your tomorrow with the CalPERS 457 Plan.

Stay the course.
Don’t panic. The ups and downs of the stock market aren’t as unusual as they may seem. It takes discipline, but managing your reactions to a bad market day or week could be the best option for you.

Stick to your plan.
Resisting the urge to react to market volatility may allow you to benefit when it recovers. Instead, consider thinking more about the factors that you can control, like investing in a diversified portfolio that reflects your risk tolerance and long-term retirement planning strategy. The CalPERS Target Retirement Date Funds, for example, are diversified portfolios in a single fund that are professionally managed for you on the journey to and through retirement.

Continue to save for retirement.
When you automatically contribute to the CalPERS 457 Plan through payroll deduction, you purchase more shares at a lower price in a down market than when it is at a high. More shares may mean more retirement savings if the market rebounds. Plus, your pre-tax contributions and any earnings grow tax-deferred in your account and are not taxed until they're withdrawn.

Create and stick to your budget.
Having a plan for your finances is a great way to get organized and feel in control. Treat retirement like a monthly bill and make a long-term commitment to save for it consistently. Over time, regular contributions of any size to the CalPERS 457 Plan have the potential to grow into something much more substantial. So if you’re on a limited budget right now, don’t lose sight of how your future is just as important as your present.

Stay on track for retirement with the CalPERS 457 Plan. Call 888-713-8244 or visit calpers457.timetap.com to schedule a one-on-one personal phone appointment with your dedicated Account Manager to review and discuss your investment strategy.

Don’t take the summer off from your finances

Why is it important to stay engaged with your financial wellness during the summer?

You can make financial plans for the rest of the year.
Summer is a great time for a mid-year check-in to review your financial goals and make any necessary adjustments. Whether you're hoping to buy a house, pay for a trip, get out of debt, or build an emergency fund, staying focused on your goals will help you achieve them faster.

Summer spending can put your finances in disarray.
Vacations are great, but excess spending can lead to increased debt. By preparing for the extra expenses that await you this summer, you can adjust your budget and spending to help avoid financial setbacks.

Summer is a time for important life events.
Is someone in your family getting married this summer? Is there a new baby on the way? Those are life events and financially preparing for them is essential. Take time now to review your finances and ensure you’re ready for any changes that may come your way.

Want more tips and insights to help improve your overall financial wellness and manage your finances in all seasons? Call 888-713-8244 or visit calpers457.timetap.com to schedule a one-on-one personal phone appointment with your dedicated Account Manager. Securing your financial future may just be the best thing you do this summer.

Spotlighting the CalPERS 457 Plan

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Access more investment choices with the Self-Managed Account option

The CalPERS 457 Plan’s Self-Managed Account (SMA) option gives you access to even more investments through Schwab Personal Choice Retirement Account® (PCRA).

What is the Schwab PCRA?	Schwab PCRA is for knowledgeable investors who understand the risks associated with investing and are committed to staying invested for the long-term. PCRA is designed for individuals who seek more flexibility, increased diversification, and a greater role in managing their retirement savings.
What investments are available through Schwab PCRA?	Through PCRA, you can access more than 8,700 no-load mutual funds from over 600 well-known fund families, including over 2,700 funds typically available only to institutional clients. Over 3,800 mutual funds are available with no-loads and no-transaction fees¹. Other investments now include individual stocks from all the major exchanges, bonds and other fixed income investments, CDs, and money market funds.
What is the process to enroll in Schwab PCRA?	The enrollment process is entirely online to open a Schwab account through the CalPERS 457 Plan. Visit calpers.voya.com to log into your account and go to the Investments & Research section for more information under the Self-Directed Brokerage Account section. After enrolling, the initial transfer to your Schwab account must be at least $1,000. Subsequent transfers must be at least $250. While investing in Schwab PCRA, you must also maintain a $1,000 balance in the core investments of your CalPERS 457 Plan account. Call the Plan Information Line at 800-260-0659 for questions about enrolling and initiating transfers to your PCRA.
What kind of investor are you?	Visit calpers457.com to learn more about the investment options available in the CalPERS 457 Plan. The What kind of investor are you? page includes monthly and quarterly performance reports, and more information about the investments in the Plan that are designed specifically for how “hands on” you want to be. If you can still contribute to the CalPERS 457 Plan, you should also consider reviewing your savings rate regularly to determine if you’re on track for retirement. If you need to update your contributions, download and complete a Participant Change Authorization Form and return it as directed.

If you need help ensuring that your investments are aligned with your risk tolerance and time horizon for investing, call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment with a dedicated Account Manager for the CalPERS 457 Plan.

1 For participants who utilize the Personal Choice Retirement Account (PCRA), the following fees and conditions may apply:

Trades in no-load mutual funds available through Mutual Funds OneSource service (including Schwab Funds) as well as certain other funds, are available without transaction fees when placed through schwab.com or our automated phone channels. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses. Charles Schwab & Co., Inc., member SIPC, receives remuneration from fund companies for record keeping, shareholder services and other administrative services for shares purchased through its Mutual Fund OneSource service. Schwab also may receive remuneration from transaction fee fund companies for certain administrative services.

Schwab Personal Choice Retirement Account (PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers. ©2025 Charles Schwab & Co., Inc. All rights reserved. Used with permission. Charles Schwab and Voya are separate and unaffiliated and are not responsible for each other’s policies or services.

Learning more about the CalPERS 457 Plan

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Get the most out of participating in the CalPERS 457 Plan

As a CalPERS 457 Plan participant, you’ve already taken important steps to achieve a secure financial future. Are you taking full advantage of all the participant resources available to you, though, on the journey to and through retirement?

Register your account online.
Accessing your account regularly is one way to stay connected with your retirement goals. Visit calpers.voya.com and click Register Now to set up an account username and password. You’ll need to provide your Social Security number, date of birth, and name to receive a code and complete the setup process.

Manage your account profile.
Log in and click your name in the top right hand corner to manage your account settings and information. Go to Personal Information > Beneficiary Information to review, add, or update the beneficiary(ies) for your account. Go to Communication Preferences to review, add, or update your contact information and whether you want your CalPERS notifications and correspondence by email or U.S. Mail.

Track your retirement progress.
myOrangeMoney^®, found on your account homepage, can help estimate how your accumulated account value may translate to monthly income.¹ You can review, add, or update information such as your annual pay, retirement age goal, hypothetical investment performance, and how much of your current income you may need to replace in retirement. You can also add information about outside savings into the myOrangeMoney experience, like your anticipated CalPERS pension benefit or retirement accounts you have through former employers.

Simplify your financial life.
You can transfer retirement account balances from former employers to the CalPERS 457 Plan. 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. Call Voya’s Account Consolidation Team² at 866-865-2660 to determine if your former employer’s retirement account can be transferred to the CalPERS 457 Plan.

Get retirement savings support when you need it.
Your dedicated Account Manager can help you review and discuss your retirement saving and investing strategy. Call 888-713-8244 or visit calpers457.timetap.com to schedule an appointment. For help with your CalPERS 457 Plan account, call the Plan Information Line at 800-260-0659 to speak with a Participant Service Representative weekdays between 6:00 a.m. – 5:00 p.m. PT, excluding stock market holidays.

1 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.

2 Please note that while Voya retirement consultants do not make money on individual conversations, the products and programs they offer have fees and costs associated with them. Please refer to the disclosures/prospectuses of the individual products for additional pricing information.

Retirement Consultants are registered representatives of and offer securities through Voya Financial Advisors, Inc. (member SIPC). 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 as 401(a)/401(k), 403(b), a traditional IRA) may remain subject to the IRS 10% premature distribution penalty tax.

Planning for retirement with the CalPERS 457 Plan

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Ways to budget and manage your money this year

It’s important to us that you will enjoy or are enjoying your golden years. Managing your income and focusing your spending on your retirement needs, wants, and wishes is an important part of this stage in life. No matter what retirement looks like for you, try these strategies to set yourself up for success.

Review your latest statements.	One of the best ways to get an understanding of your spending is to review where your money is going. Look back through the previous three months of credit card and bank statements. Take note of categories where you’re spending more than you expected.
Create or update your budget.	After reviewing your statements, create or update your budget to reflect your retirement income and spending plan.
Cut out unnecessary monthly charges.	Think about your subscriptions. Do you use them as often as you expected? While reviewing your statements, look for services and subscriptions you’re paying for but not utilizing.
Set personal financial goals.	Like how you saved for retirement to the CalPERS 457 Plan, set up automatic transfers to an interest-earning savings account earmarked for the special things planned this year. Taking a trip? Helping to pay for a wedding? Thinking about buying a classic car? Make it a goal you plan and save toward just like you did for retirement.
Use financial technology.	As a CalPERS 457 Plan participant, you have access to a dashboard experience that offers a personalized, connected view of all financial accounts in one secure place. Visit calpers.voya.com and log in to access your account and start adding information about outside accounts to see your full financial picture.
Consolidate your debt.	If you’re carrying debt at high interest rates, consider transferring the balances to an account with a 0% interest rate for a fixed period. Even if you can’t get your balance to zero within that time, you’ll make more headway without the interest slowing you down.
Shop around for insurance.	New quotes for your auto or home insurance may save you a lot. Be sure to ask about bundling auto, home and other insurance to save more.

With more conscious spending and smart money moves, you may be able to use your retirement income to help improve your retirement outcome. If you need additional support in developing and managing your retirement income strategy, visit calpers457.timetap.com or call 888-712-8244 to schedule an appointment with your dedicated Account Manager to help put a plan in motion.

This information is provided for your education only through the Voya® family of companies. This information is not intended to provide legal, tax, or investment advice. All investments are subject to risk. Please consult an independent tax, legal, or financial professional for specific advice about your individual situation.

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.