CalPERS deferred compensation plans include the 457 Plan and Supplemental Contributions Plan. Depending on your employer, you may be able to enroll in other supplemental savings products such as 403bCompare, ScholarShare College Savings Plan, and those offered through Savings Plus.
The CalPERS 457 Plan, which includes pre-tax and after-tax options, is for participating public agency and school employees. The after-tax CalPERS Supplemental Contributions Plan (SCP) is for state employees and members of Judges' Retirement Systems I and II.
The CalPERS 457 Plan is for employees of participating public agencies and schools. All employees whose employers have adopted the CalPERS 457 Plan are eligible to join the plan, and there are currently no minimum service requirements to fulfill. View CalPERS 457 Plan Participating Agencies.
The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis. In addition, employee contributions and their earnings, if any, can benefit from the power of tax-deferred compounding. This means you don't pay income taxes on your contributions or earnings until you start taking withdrawals, which is usually in retirement.
Additionally, the Plan includes a Roth feature (for participating employers) which enables after-tax contributions. In exchange for paying taxes now, you may be able to withdraw Roth contributions and any earnings tax-free when you retire (qualifying factors apply), which could mean more retirement income.
To enroll, your employer must participate in the Plan (employers can visit our Employer Resource Center or call us at (800) 696-3907 to learn more).
For more information, visit CalPERS 457 Plan website, call the Plan Information Line at (800) 260-0659, or view the additional resources below.
The CalPERS Supplemental Contributions Plan (SCP) is an after-tax supplemental contribution plan available to state employees and members of the Judges' Retirement Systems I and II. Additionally, as directed by statute, the SCP serves the default rollover account for POFF participants that didn't make an affirmative election during the POFF termination.
SCP participants may make periodic cash contributions or after-tax payroll deductions. You may change your contribution amount and allocation, and transfer account balances among a variety of investment options. SCP allows you to voluntarily invest after-tax contributions into an account where all earnings grow tax deferred until the participant begins to take withdrawals in retirement or upon separation from all state employment. Upon distribution, you only pay taxes on the earnings.
Visit our CalPERS Supplemental Contributions Plan website for more information. To enroll in the Supplemental Contributions Plan, call the Plan Information Line at (800) 260-0659.
The State Peace Officers' and Firefighters' (POFF) Supplemental Plan (formally known as State POFF Defined Contribution Plan) was an employer-provided benefit for state peace officers and firefighters in certain bargaining units. California Legislature and Internal Revenue Service approval resulted in the termination of the POFF Plan in March 2015. As directed by statute, funds remaining in the plan after termination were rolled over into the Supplemental Contributions Plan as pretax SCP-POFF rollover accounts.
For questions about the POFF Plan please contact Voya Customer Service at (800) 260-0659.
Other Savings Plans
Learn about other savings plans that may be available, depending on your employer.
Employees of school districts, community colleges, and County Offices of Education can choose to purchase a variety of 403(b) supplemental savings products. Your salary deferrals into a 403(b) plan are made before income tax is paid on it and allowed to grow tax deferred until taxed as income when taken out of the plan.
The California State Teachers' Retirement System (CalSTRS) manages the 403bCompare website. You can find information about retirement planning, search vendors and products registered on the site, and view details about 403(b) products. You can also call the 403bCompare Administrator at (888) 394-2060.
This program provides 401(k) and 457 deferred compensation plans for State of California and California State University employees. Participants can choose to contribute by payroll deduction on a pretax or after-tax Roth basis. Savings Plus is administered by the California Department of Human Resources (CalHR). Visit Savings Plus to learn more.