For 50 years, Savings Plus has helped State of California employees, California State University employees, judges, and legislators save more to maximize their retirement incomes.
Find out how you can participate, too.
What Is Savings Plus?
Overseen by the California Department of Human Resources (CalHR) and administered by Nationwide, Savings Plus complements your CalPERS pension by offering 401(k) and 457(b) plans that can help you bridge gaps between what you’ll need in retirement and the amount that your pension, Social Security, and other personal savings will replace.
You can participate in either the Savings Plus 401(k) or the 457(b) — or even both at the same time — to supplement your retirement benefits.
CalHR’s Tiffanie Vick (above left, with CalHR’s Ben Ceccato) says her biggest reward as a Savings Plus representative is the knowledge that she’s spent the last 30 of the savings plan’s 50 years positively impacting public employees’ lives.
“I love seeing the lightbulb come on when someone realizes they may be able to save and retire sooner than they expected,” she said at a recent Sacramento CalPERS Benefits Education Event.
Why Save With Savings Plus?
“You need to begin saving as early as possible for your retirement — it’s really important to get started,” said Vick. “And you can start with as little as $25 a month.”
Along with convenient payroll deductions, Savings Plus offers:
- Personal assistance with licensed and noncommissioned retirement specialists
- Ease of savings with pre-tax or Roth (after-tax) options
- Lower fees and investment operating expenses
- Diverse investment options from which to build your portfolio
In addition, for new enrollees, administration fees are waived for the first 12 months of participation.
Vick noted that prospective participants should be aware that the two Savings Plus plans are voluntary programs, and that — because CalPERS pensions already have employer matches — Savings Plus plans don’t have an employer match.
How Do I Enroll?
You’re eligible to enroll in a Savings Plus 401(k) and 457(b) plan if you meet any of these requirements:
- You are currently employed by the State of California or the California State University (CSU) system and you are eligible for membership in CalPERS, the Legislators’ Retirement System, or the Judges’ Retirement System.
- You separate from State of California and CSU system employment and return to service as a “rehired annuitant” or “retired annuitant.”
- You are an active participant in the Part-time, Seasonal, and Temporary (PST) Employee Retirement Program.
To make enrollment simple, your plan sponsor has made some initial selections for you. You’ll always have the option of updating them once you’ve enrolled.
When you are ready to enroll, you’ll need your:
- Social Security number
- Gross income (annual or monthly)
- Pay frequency
Ways All CalPERS Members Can Save
For more information on saving for retirement with Savings Plus, visit Savings Plus online or call (855) 616-4776. Webinars are also available.
In addition to Savings Plus, we offer deferred compensation plans to help all CalPERS members maximize their retirement savings. Get ready, get set, and save more for your retirement — check out our Deferred Compensation options for more.