Retirement Benefits

5 Financial New Year’s Resolutions for CalPERS Members

Ring in 2022 with a plan to improve your financial wellbeing by doing these CalPERS-related tasks.

  1. Increase your contribution to your deferred compensation plan
    Raising your monthly contribution to your deferred compensation plan by either a few percentage points or a dollar amount is a great way to kick off the new year. And, if you’re not contributing to a deferred compensation plan, now is the perfect time to start! Check out our video on tax-deferred savings and read up on the deferred compensation plans that may be available to you, including the Supplemental Income 457 and Supplemental Contribution Plans.
  2. Review your health plan
    Did you make changes during this year’s open enrollment? If so, those changes will go into effect on January 1, 2022. If your health plan contributions went up, make sure to calculate those increases into your monthly expenses. If your contribution went down, consider putting those extra funds into savings or use it to pay off debt.
  3. Designate a CalPERS special power of attorney
    What happens if the unexpected occurs and you’re unable to make critical decisions regarding your CalPERS benefits? Don’t put yourself in this position—make sure to designate your CalPERS special power of attorney. This individual can conduct important CalPERS duties for you, such as address changes and retirement benefit elections.
  4. Review your annual member statement
    Do you know where you stand when it comes to your retirement benefits? If not, make it a goal in 2022 to become familiar with your Annual Member Statement. Your statement is typically available in late August, and it shows an accounting of your retirement-related work history as reported by your employer. Log in to myCalPERS to download, print, or view statements as far back as 2004. You should review your statement each year to help plan your financial future.
  5. Update your beneficiaries
    As we’ve previously mentioned, you always want to be prepared should the unexpected occur. Another way to prepare is to make sure you have a beneficiary named for your CalPERS benefits. Death benefits are paid according to the valid beneficiary designation on file. You can log in to myCalPERS to name, review, or change your beneficiaries.