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Changes to the CalPERS 457 Plan effective October 1

excited woman on yellow backgroundThe 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.

Changes to the Target Retirement Date Funds
Each Target Retirement Date Fund’s mix of stocks, bonds, real assets and cash changed based on factors such as a review of participant demographics, life expectancy, estimated salary growth, and changing market conditions. Read the Target Date Fund Change Notice that was sent to CalPERS 457 Plan participants in September for more information.

Changes to the costs associated with investing in the 457 Plan investment options
The costs associated with the Core and Target Retirement Date Funds were reduced by 0.06%. 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.


 

 

Cost of Living Adjustments — On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 to announce the 2023 dollar limits.

Employer Guide (2021): Easy-to-follow steps for 457 plan payroll submissions

Roth Plan Option — Now available to adopt for your Plan.

Add Roth to a Payroll Report — After adopting Roth for your Plan, follow these steps for MyCalPERS reporting. 

Intranet Page — Add the new Helpful Links and Forms Library link to your intranet site.

Plan Document — The CalPERS 457 Deferred Compensation Plan Document has been updated for 2019.

You can send email inquiries to CalPERS_457_Plan@calpers.ca.gov

You can call the CalPERS 457 Employer Plan Line at 800-696-3907 for general contribution and payroll support.

Your agency’s dedicated Account Manager is available for presentations and appointments (both online and in person) with your employees to help with their CalPERS 457 Plan accounts. Call 888-713-8244 or visit to schedule an appointment.

Your employees can help with their CalPERS 457 Plan accounts by visiting calpers457.com or calling the Plan Information Line at 800-260-0659.

Sponsor Web is a website designed for plan sponsors that allows you to view participant and plan level information at any time. You can request access to this site by contacting us today.

 
Read current Employer Cents
 
Making Cents Newsletter
 
myOrange Money®
 
Helpful Links and Forms Library
 
CalPERS Perspective Newsletter
 

Personal Phone Reviews

Plan Forms Section

 

Cover of Enrollment Kit and FormEmployee Enrollment Kit (11/21/2022)

Participant Change Authorization Form

Designation of Beneficiary Form

Rollover Contribution Form

Inter-Plan Transfer Form

Distribution Request Form

Death Distribution Form

In-Service Withdrawal/Transfer Request Form

In-Plan Roth Conversion Form

Unforeseen Emergency Withdrawal Application

Three Year Special 457(b) Catch-up Worksheet (for Current Employer Only)

Application for Electronic Direct Deposit

Birth or Adoption Withdrawal Form

 

Participant Materials Section
 

Participant Overview

Nearing Retirement Guide

Roth Option Flyer

Roth Option Brochure
Roth Option Brochure (Spanish)

Spanish-language Services
Spanish-language Services (Spanish)

Account Access Flyer
Account Access Flyer (Spanish)

How to Enroll Flyer
How to Enroll Flyer (Spanish)

Post-PEPRA Employee Overview
Post-PEPRA Employee Overview (Spanish)

Employer Materials Section
 

Employer Guide (2021): Easy-to-follow steps for 457 plan payroll submissions

Loan Feature Overview

Employer Loan Provision Form

SMA Overview

CalPERS 457 Deferred Compensation Plan Document (2019)

CalPERS 457 Plan Roth Adoption Form

CalPERS 457 Roth Plan Overview

Roth Contribution Payroll Guide

Catch-Up Guidelines for Employers

Investment Option Information Section
 

Fund Fact Sheets (Quarterly)
(as of September 30, 2022)

457 Performance Report (Monthly)
(as of October 31, 2022)

Annual IRS Limits Section
 
  2021 2022 2023
Contribution Limit $19,500 $20,500 $22,500
Age 50 & Older Limit $26,000 $27,000 $30,000
Special Catch-up: $39,000 $41,000 $45,000

Cost of Living Adjustments — On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 to announce the 2023 dollar limits.

 

Order Publications Online Section

Please refer to the Participant Materials for a copy of the new enrollment kit. Print versions for ordering will be available soon!

You can order Plan publications through Voya’s new online ordering Web site (this web site replaces the web-to-print). You can access the site through the Resource Center link below:

Learn more about the web site features and access these online tutorials:

Getting Started with Bench Marketing Zone

How to Place Orders

Previously Placed Orders

To place orders, enter the e-mail address and password. Password is case sensitive.
E-mail: calpers@voya.com    Password: cal457

Contact CalPERS Section
 

Representative Map GraphicCalPERS 457 Plan representatives are available to assist you.

Email us or call toll free at 800-696-3907,
Monday – Friday, 8:00 am – 5:00 pm Pacific Time.

 

 

 

Your choice, simplified.