Making Cents | September 2026

woman walking and looking at phone, while holding to-go coffee

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

SEPTEMBER 2026 | IN THIS ISSUE

Changes to the CalPERS 457 Plan Target Retirement Date Funds

October is National Retirement Security Month

Take action to keep your CalPERS 457 Plan account secure

Planning for retirement income just got easier

Your risk tolerance doesn’t retire when you do

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

What kind of investor are you?

Voya S.A.F.E. Guarantee

Risk Tolerance Questionnaire

Announcements

^ TOP OF PAGE

Changes to the CalPERS 457 Plan Target Retirement Date Funds

The CalPERS Board of Administration recently approved the following changes to the asset allocation of the CalPERS Target Retirement Date Funds based on changing characteristics of Plan participants and financial market conditions. These changes will be effective on October 1, 2026 for the CalPERS 457 Plan.

What is changing?

The asset allocation within each Target Retirement Date Fund will be updated effective October 1, 2026. CalPERS periodically reviews and makes changes to the asset allocation of each fund based on factors such as a review of participant demographics, life expectancy, estimated salary growth, and changing market conditions. Effective October 1, 2026, each Target Retirement Date Fund’s mix of stocks, bonds, real assets and cash will change to reflect recently approved allocations. Treasury Inflation Protected Securities (TIPS) will also be added as a new asset class within the Target Retirement Date Funds, but note that it will not be available as a standalone investment option among the Core Funds in the CalPERS 457 Plan. Each Target Retirement Date Fund’s glide path and new asset allocation will be updated as depicted below.

Target Retirement Date Fund Glide Path transition chart

.Do you have questions?
A detailed notice with more information about these changes will be mailed to all CalPERS 457 Plan participants in September. Visit calpers457.com for more information on funds and fund performance. You can also schedule a personal phone appointment with a dedicated Account Manager by visiting calpers457.timetap.com or calling 888-713-8244.

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).

Looking Ahead

^ TOP OF PAGE

October is National Retirement Security Month

October is National Retirement Security Month. Retirement planning stays with you through all parts of your working life. Since planning works best when you check in with yourself along the way, National Retirement Security Month is a time to take a moment and have a retirement conversation with yourself. That’s because the questions you ask yourself today may look different from the ones you would have asked a few years ago and the ones you could ask in the future.

When you’re early in your career, the question may be simple: “How much can I afford to save for retirement right now?”

When you’re mid-career, the conversation may be to ensure you save more as you make more, to align your investments to your risk preference, and to save for retirement while you manage other financial priorities.

When you’re nearing retirement, it may be time to talk to yourself about your future income needs in retirement, when you hope to retire, and if your retirement savings strategy is aligned with your goals.

In retirement, your paycheck may end but your financial decisions continue. The conversation shifts to managing your income from different sources, your investments, and you spending in retirement.

Now may be a good time to look at your CalPERS 457 Plan account and decide what would help you feel more prepared for the years ahead. Visit calpers457.comto log in and review your contribution rate and retirement savings progress. It’s also helpful to regularly review your investment choices and beneficiary designations, and make updates as needed.

Look for more information from CalPERS during National Retirement Security Month to focus on retirement at each stage in your career. You don’t have to do it alone either. You can schedule a one-on-one personal phone appointment with a dedicated Account Manager to review and discuss your retirement saving strategy by going to calpers457.timetap.com or calling 888-713-8244.

Spotlighting the CalPERS 457 Plan

^ TOP OF PAGE

Take action to keep your CalPERS 457 Plan account secure

October is Cybersecurity Awareness Month.

Registering your CalPERS 457 Plan account online is an important first step in keeping your information secure. Take advantage of Voya’s strong online security to help provide protection against the ongoing risk of fraud, cyber threats and other unauthorized activity.

As a participant in the CalPERS 457 Plan, the Voya S.A.F.E.® (Secure Accounts for Everyone) Guarantee will restore the value of your account if any assets are taken due to unauthorized activity and through no fault of your own. You play an important role in this process, though, and we recommend that you consider the following measures to protect your account from potentially fraudulent activity.

Register your account online.	Contrary to common belief, avoiding online access does not make your account safer.
Review your account regularly.	Keep your contact information up to date and promptly notify Voya of any unexpected changes such as address, phone number or email updates.
Enroll in Voiceprint.	Voiceprint is Voya’s Voice Biometrics Program, which uses your unique voice to authenticate your identity when you call the CalPERS Plan Information Line at 800-260-0659.
Report suspicious activity.	If you notice any signs of identity theft or unauthorized activity, report them immediately.
Practice safe computing habits.	Voya will never ask for this information by phone, email or text. Periodically change your password for online access and stay alert to help prevent scams.

To register your CalPERS 457 Plan account online:

Visit calpers457.com and click Log In.
Click Register Now.
Enter your Social Security number, date of birth, and name. Then click Continue.
Depending on the information you provided during the enrollment process, a verification code will be sent to your mobile phone number or email address to verify your identity. If your mobile phone number and email address are not on file, other verification options may be available to you.
Once verified, you will be able to create an account username and password.

For assistance with registering or accessing your account online, call the CalPERS Plan Information Line at 800-260-0659

Learning more about the CalPERS 457 Plan

^ TOP OF PAGE

Planning for retirement income just got easier

Voya’s new Retirement Income Tool, available after logging in at calpers457.com for participants age 50 or older, is designed to help simplify planning for life in retirement by giving you a clearer picture of where your income may come from, when to access it, and how to make it last.

This secure digital experience helps age 50+ participants build a personalized retirement income strategy based on their unique financial situation.

Getting started.	Using the tool begins with sharing a few key details about yourself such as your birth date, salary, household finances and location. From there, you can add retirement accounts, IRAs, bank accounts and other savings you may have accumulated over time. You can also include expected income sources and expenses in retirement, and information about a spouse or partner for a more complete retirement income picture.
See how your retirement income could work.	Once your information is entered, the tool provides an integrated view of your finances and helps you explore how much you might withdraw from your available income sources each year in retirement. The tool considers real world inputs like multiple income streams and different retirement ages to deliver guidance designed to help support your lifestyle throughout retirement.
Take the next best action.	The tool also offers tax optimized insights, including guidance on when to take Social Security benefits. If retirement is still a few years away, you will receive personalized “next best action” suggestions. Taking these practical steps can help improve your retirement readiness in the future.

Ready to explore? The tool is now available online. Log into your CalPERS 457 Plan account at calpers457.com. From your participant dashboard homepage, click Retirement Income Tool from the Your Monthly Retirement Income section. Then build out the guidance with information about yourself and your assets, and understand where, when, and how to pay yourself in retirement.

Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the Retirement Income Tool offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in SAVVI, including representation on SAVVI’s board of directors, and also maintains business relationships with SAVVI that create an incentive for Voya to promote SAVVI’s products and services and for SAVVI to promote Voya’s products and services. Please access and read SAVVI’s Firm Brochure which is available at savvifi.com/legal/form-adv. It contains general information about SAVVI’s business, including conflicts of interest.

The Retirement Income Tool is intended to help you with your retirement savings and spending needs by offering a personalized action plan to fit your unique needs and retirement strategies to help you maintain your lifestyle when you retire. Those choices are solely up to you to make. The tool is purposely limited in detail and scope and is not intended to replace a holistic financial plan. None of SAVVI nor Voya acts in a fiduciary capacity in providing the Retirement Income Tool or other services to you; any such fiduciary capacity is explicitly disclaimed.

IMPORTANT: The projections or other outputs of the Retirement Income Tool regarding the likelihood of various investment outcomes are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results.

Planning for retirement with the CalPERS 457 Plan

^ TOP OF PAGE

Your risk tolerance doesn’t retire when you do

In retirement, your investment strategy will shift from accumulation to preservation. After years of saving, it can feel like the safest way to generate income is to avoid risk entirely. Playing it too safe, though, can introduce the risk of not keeping up with inflation.

In retirement, it’s essential that you don’t outlive your savings. But how do you do that, especially when prices for everyday expenses continue to rise? If your investments don’t continue to grow, your purchasing power may gradually decline. That’s why many retirees need to consider taking on some level of investment risk to help maintain their income over time, keep pace with inflation, and afford unexpected expenses.

Your risk tolerance in retirement is personal. It reflects both how you feel about market volatility and what your financial situation requires. As you think about your approach, consider:

Your income sources.	Do you have reliable income from Social Security, a pension or other guaranteed sources? If so, you may have more flexibility to invest a portion of your savings for growth.
Your spending needs.	Covering essential expenses may call for more stability, while discretionary spending may allow for more variability.
Your time horizon.	Retirement can last decades. Therefore, a portion of your portfolio may still need some long-term growth potential.
Your comfort level.	How would you react if your account value temporarily declined? Your ability to stay invested during market changes is key.

Your risk tolerance may change over time in retirement. Major life changes, healthcare needs, or shifts in expenses can all affect how much risk feels appropriate. Reviewing your strategy periodically can help ensure it still aligns with your needs and goals. Understanding your risk tolerance in retirement can help you make more confident investment decisions.

In retirement, you can still meet with a dedicated Account Manager to discuss the investment elections in your CalPERS 457 Plan account. Visit calpers457.timetap.com or call 888-713-8244 to schedule an appointment.

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.