All employees whose employers have adopted the CalPERS 457 Deferred Compensation Plan are immediately eligible to join the Plan. There are no minimum service requirements to fulfill, and joining is easy.
You merely complete the CalPERS 457 Plan Enrollment Form which you can obtain from your employer or your local Plan Representative. Complete the Employee New Enrollment Form and the Beneficiary Designation forms, following the form instructions carefully; return both to your Personnel/Payroll Department. It’s that easy.
Before you join, decide what dollar amount from your pay you want to contribute to the Plan. The amount should not exceed the yearly maximum of the IRS limit.
Next, decide how you want your contribution allocated among your choice of investment options. The Target Retirement Date Funds have been designated as the default investment under the Plan. IF YOU DO NOT MAKE AN AFFIRMATIVE INVESTMENT ELECTION PRIOR TO THE DATE THE FIRST CONTRIBUTION IS DEPOSITED INTO YOU ACCOUNT, YOUR CONTRIBUTIONS WILL BE INVESTED IN THE APPROPRIATE TARGET RETREMENT DATE FUND, BASED ON YOUR DATE OF BIRTH AND ASSUMING YOU WILL RETIRE AT AGE 58.
Prior to investing you should carefully review all fund information and objectives and consider consulting with an outside investment adviser.
To review the current IRS contribution limits please see
Contributing to the Plan