CalPERS 457 Plan
Since 1995, CalPERS has provided a deferred compensation plan to public agency and school employers and their employees. The CalPERS Supplemental Income 457 Plan (CalPERS 457 Plan) provides employees a low-cost, convenient way to save for retirement through payroll deductions. Moreover, there is no cost to your agency. To see a list of agencies that offer our plan, view CalPERS 457 Plan Participating Agencies.
When you sign up for the CalPERS 457 Plan, we take care of the rest. CalPERS:
- Acts as the trustee of your employees' deferred compensation assets
- Leverages existing payroll deduction feeds into my|CalPERS to receive your employees' CalPERS 457 Plan deferrals and loan repayments
- Manages service levels with administrative service providers
- Monitors contribution limits
- Selects the investment line-up options
We are a not-for-profit public entity focused on educating your employees, not selling investment products. Funds are managed internally by CalPERS in-house investment staff and external institutional investment managers under contract to CalPERS.
We offer value and fair pricing. To keep fees as low as possible, CalPERS does not engage in revenue sharing or administrative expense reimbursement. Plan administration, record-keeping, and investment fees are all included in a simple and fair fee structure.
Benefits for Your Employees
The CalPERS 457 Plan offers a number of benefits to your employees, including:
- A very competitively priced retirement plan, with low-cost investment options
- Access to a proprietary lineup of core institutional investments managed by CalPERS staff and professional managers under contract to CalPERS
- Includes Target Retirement Date Funds specifically designed for public employees based on the latest research in portfolio theory and behavioral finance
- Additional plan options (requiring contract provisions)
- Schwab Personal Choice Retirement Account (PCRA®)
- Group educational sessions and one-on-ones with employees by licensed, experienced, and local representatives
- Record-keeping by Voya Financial™, the nation's second largest defined contribution plan record-keeper, serving more than five million participants
- State-of-the-art services
- The convenience of saving for retirement through payroll deduction
- The latest in online retirement planning, investing, and educational tools including myOrangeMoney™
- 24/7 member account management
- On mobile devices using the Voya Retire smart phone app
- Toll free at (800) 260-0659
For an overview of our entire selection of member deferred compensation plans, refer to Deferred Compensation.