THIRD QUARTER    |   2022
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Important 2022 year-end payroll reporting reminder

Please make sure that the payroll contributions your payroll team submits between late December 2022 and early January 2023 are applied for the correct tax year to your participants’ CalPERS 457 Plan account. Here’s how to ensure accuracy and avoid posting delays during the 2022 year-end payroll reporting period:

  • Work closely with Voya Financial®, who handles recordkeeping administration for the CalPERS 457 Plan.

  • If the pay end date for the last payroll of 2022 is not the same tax year as your pay date (for example — your pay end date for the last payroll of the year is December 31, 2022, but your employees will not receive their checks for this payroll period until after January 1, 2023), It is imperative that you send Voya an email at CalPERS_Plan_Admin@voya.com. Please include your agency name and number (45****) in the email subject line.

Please submit payrolls that apply to different tax years on different days in myCalPERS. For example — if reporting the last payroll for 2022 and first for 2023, please report 2022 first and then report 2023 the following business day.

Changes to the CalPERS 457 Plan

The CalPERS Board of Administration recently approved changes to the CalPERS 457 Plan based on changing characteristics of Plan participants and financial market conditions. The following changes were made effective October 1, 2022.

Fees reduced for all 457 Plan investment options

The costs associated with the Core and Target Retirement Date Funds were reduced by 0.06% in the CalPERS 457 Plan effective October 1. The costs were reduced to a range between 0.25% - 0.38%, depending on the investment, down from a range between 0.31% – 0.44%. The cost reductions allow all 457 Plan participants to keep more of their investment dollars working in their account, helping to accumulate more savings over time. Read the Fee Reduction Notice that was sent to CalPERS 457 Plan participants in October for more information.

We hope you will encourage all employees to consider enrolling in the CalPERS 457 Plan as a way for them to reach their retirement goals through voluntary savings. The new reduced cost will help your employees keep more invested dollars in their account, which could mean thousands more in retirement compared to the previous Plan costs.


In this Edition

It is vital to let CalPERS know when there are changes to your team. 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 team members as soon as possible by contacting:
calpers_457_plan@calpers.ca.gov

 

In this Edition

Important 2022 year-end payroll reporting reminder

Changes to the CalPERS 457 Plan

Fillable CalPERS 457 Plan forms are now available

Reminder — New CalPERS 457 Plan resources are now available

Schedule a CalPERS 457 Plan presentation for employees, led by your dedicated Account Manager

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

 

For more information about the Plan, your employees should visit calpers457.com or contact your agency’s dedicated Account Manager at 888-713-8244.


Changes to the Target Retirement Date Funds

Each Target Retirement Date Fund’s mix of stocks, bonds, real assets and cash changed effective October 1 based on factors such as a review of participant demographics, life expectancy, estimated salary growth, and changing market conditions. Each fund’s updated glide path and new asset allocation is depicted in the graphic below.

Read the Target Date Fund Change Notice that was sent to CalPERS 457 Plan participants in September for more information.

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Fillable CalPERS 457 Plan forms are now available

Fillable online forms are now available for participants of the CalPERS 457 Plan. Forms must still be printed for an employee’s signature, but we hope that fillable forms will make them easier to complete and for you to review and approve for processing (when applicable). Visit calpers-sip.com and go to the Plan Forms section for an updated list of participant forms that are now fillable online. All participant forms for the CalPERS 457 Plan will be fillable by the end of October, but most are fillable now. Participants can also access fillable forms by visiting calpers457.com and calpers.voya.com.  

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virtual screen meeting
Reminder — New CalPERS 457 Plan resources are now available

Spanish-language support and services

CalPERS 457 Plan phone appointments and materials are available in Spanish to help make the CalPERS 457 Plan more accessible and understandable to Hispanic employees. This allows them to engage with the CalPERS 457 Plan in ways they feel most comfortable with and confident in. Read the Spanish-language CalPERS 457 Plan Support and Services for more information and visit calpers-sip.com to view the Spanish-language materials available in the Participant Materials section.

Updated CalPERS 457 Plan webinar schedule

CalPERS 457 Plan webinars are designed for all employees to improve their financial wellness on a variety of retirement planning and savings topics. Webinars are offered every second and fourth Wednesday of the month, and the first four Fridays of the month. Read the CalPERS 457 Plan webinar schedule for more information.

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virtual screen meeting

Schedule a CalPERS 457 Plan presentation for employees, led by your dedicated Account Manager

Your dedicated Account Manager* is available for virtual and on-site presentations with your employees to educate them about the CalPERS 457 Plan and saving for retirement. Group meetings are perfect for all employees, even those who are not enrolled in the CalPERS 457 Plan, and help promote their employee retirement benefits.

To discuss hosting a CalPERS 457 Plan presentation led by 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.


business man at computer

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. © 2022 Voya Services Company. All rights reserved

 

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