CalPERS 457 Plan
Since 1995, CalPERS has provided a deferred compensation plan to public agency and school employers and their employees. The CalPERS 457 Plan provides employees a low-cost, convenient way to save for retirement through payroll deductions. Moreover, there's no cost to your agency.
To start the adoption process for your agency or for more information on how to sign up, visit the CalPERS 457 Plan Employer Resource Center. You also can call us toll free at (800) 696-3907 to speak with a representative, or email us. 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:
- Selects the investment options
- Acts as the trustee of your employees' deferred compensation assets
- Leverages existing payroll deduction feeds into myCalPERS to receive your employees' CalPERS 457 Plan deferrals and loan repayments
- Provides guidance on compliance with IRS regulations
- Monitors contribution limits
We're 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.
Benefits for Your Employees
The CalPERS 457 Plan offers several benefits to your employees, including:
- A competitively priced plan with total fund expenses of 0.40% – 0.55%
- A proprietary lineup of core institutional investments including Target Retirement Date Funds specifically designed for public employees
- Additional plan options
- Roth 457 (enables post-tax payroll deductions)
- A self-directed brokerage option for experienced investors through Schwab Personal Choice Retirement Account (PCRA®)
- Financial education and support by licensed, experienced and local representatives
For an overview of our entire selection of member deferred compensation plans, refer to Deferred Compensation.