CalPERS 457 Deferred Compensation Plan

Frequently Asked Questions

 
Question :
How do I enroll in the plan?

Answer :
Contact your local Plan Representative to obtain an Employee Action Form to select investments, deferral amount and designate beneficiaries. In order to enroll, the form must be signed by an employer representative.

back to top
 
Question :
How quickly can I get my money when I make requests for withdrawals and distributions?

Answer :
Generally, checks are mailed first class from Boston within 3 business days of receiving your signed forms and documents.

back to top
 
Question :
Can I cancel a transaction after I receive a confirmation number?

Answer :
Yes, transactions can be canceled any time before 1 PM Pacific Time on the same day.

back to top
 
Question :
When can I expect my quarterly statements to arrive?

Answer :
To reduce cost and help the environment, account statements will be mailed to you just once per year in January. Statements will continue to be run every quarter, and published to your CalPERS 457 Plan account website. If you’d like a paper copy of your statement after this March 31st 2020 statement, you can either print it from the website or ask a Voya representative to mail a copy. Account statements will be available for up to 24 months on the website. If you have signed up for electronic delivery (“eDelivery”), you will receive an email notification as soon as your statement is available. To sign up for eDelivery, log into your CalPERS 457 Plan account and update your communication preferences to receive email notifications when your statements and other account documents are ready to view. If you have questions or need assistance call 1-800-260-0659.

back to top
 
Question :
I recently moved. How do I change my address in the Plan?

Answer :
Active participants must change their address through their Human Resources representative. If you're a terminated or retired plan participant, please update your address in the MyCalPERS system or call CalPERS Customer Service for assistance with making this update 1-888-225-7377.

back to top
 
Question :
I forgot my password. How can I get another one?

Answer :
Call the CalPERS Information Line at 1-800-260-0659 and follow the instructions for requesting a password reminder. Your password will be mailed first class within 2 business days to your address on file.

back to top
 
Question :
What is the CalPERS Information Line?

Answer :
The CalPERS Information Line is an automated telephone system that lets you perform most account transactions over the phone. When you call the information line at 1-800-260-0659, you are asked to enter your Social Security number and Personal Identification Number. Then a recorded voice guides you through the menus, and you make your selections by pressing the appropriate keys on your telephone keypad. (If you are using a rotary phone, you will be connected automatically to a Participant Service Representative during regular business hours.)

back to top
 
Question :
How do I contact a Participant Service Representative?

Answer :
If you need help with any plan transaction, you can press ** on your telephone keypad any time during your call to talk with a Participant Service Representative. Participant Service Representatives are trained specialists who are knowledgeable about the provisions of the Plan.

back to top
 
Question :
When are Transactions effective?

Answer :
Transactions completed before 1 PM Pacific Time are effective the same business day. Transactions completed at or after 1 PM Pacific time are effective the next business day.

back to top
 
Question :
What kind of Transactions and Services are available via the telephone?

Answer :
Using the Calpers Information Line you can:
  • Check account balances.
  • Check fund performance.
  • Transfer balances from one fund to another.
  • Change your contribution allocation to different funds
  • Change password/Request password reminder.
  • Request plan literature.
back to top
 
Question :
What are some of the important features of the CalPERS Information Line?

Answer :
  • The information line/participant service representative will ask you if you wish to redo a transaction before accepting it.
  • Passwords are mailed to Address of Record ONLY.
  • You have the ability to cancel or change transactions made that day prior to 1 p.m., Pacific Time.
  •  You will receive a confirmation number from the information line/participant service representative for each transaction. Have pen and paper ready to record it.
  • There is no overnight mailing of documents from Voya Financial™.
  • If you do not have your password, you will not be able to access your participant information. You may, however, request a password reminder, which will be mailed to your home address.
  • We cannot accept or send faxes.
back to top
 
Question :
How do I use the CalPERS Information Line?

Answer :
Step 1: From a touch-tone telephone, dial 1-800-260-0659.
Step 2: Enter your Social Security number using the telephone keypad numbers.
Step 3: Enter your 6-digit password.
Step 4: From the Main Menu, select an appropriate number to perform the function you want.
At any time during your call, you can press:
9 — from any point to exit the Information line

* — from the main menu to reach a Participant Service Representative

* — from any point beyond the Main Menu to return to the main menu

** — from any point beyond the Main Menu to return to a Participant Service Representative.
back to top
 
Question :
How Does the Personal Choice Retirement Account (PCRA) work?

Answer :
The PCRA is a self-directed brokerage account (SDBA) designed to complement your CalPERS 457 Plan core investments. PCRA gives you greater access to thousands of additional investment choices. It is different than a typical retail brokerage account because it is part of your retirement plan. Because your assets are part of a retirement plan, your investments are tax-deferred. You can only fund your PCRA through transfers from your CalPERS 457 Plan core investments.

To open an account, a minimum transfer amount of $1,000 applies for initial and $250 for subsequent transfers. In addition, a minimum core fund investment balance of $1,000 must be maintained. The plan charges an annual plan administration fee of 29 basis points and a $50 annual maintenance fee. These fees are deducted pro rata on a monthly basis.

You may follow the online application process described here.

back to top
 
Question :
What is the Short-term Trading Restrictions?

Answer :
https://www.calpers.ca.gov/page/investments/about-investment-office/policies

back to top