The PCRA is a self-directed brokerage account (SDBA) designed to complement your CalPERS Supplemental Contributions 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 Supplemental Contributions 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 5 basis points and a $50 annual maintenance fee. These fees are deducted pro rata on a monthly basis.
You can enroll in the Charles Schwab PCRA through your online account.
- Navigate to Investments & Research / Self Directed Brokerage Account page
- Choose ‘Open an Account’ on the Self Directed Brokerage Account page
- User is brought to the Terms & Conditions. Read information, check the box and click Continue
- User is brought to Schwab PCRA EAO Terms & Conditions page. Read information and click Accept
- Choose ‘Open new PCRA’ (or, Open new ROTH PCRA)
- Consent to Online App Process – click Continue
- Complete the Schwab PCRA Account Application
- Once Account Application is completed, the PCRA account number is displayed.
Click Continue to register new account access with Schwab.
Note: Investors should carefully consider information contained in the prospectus, including investment objectives, risks, trading policies, charges and expenses. You can request a prospectus by calling Schwab’s dedicated PCRA Call Center at 1-888-393-PCRA (7272). You may also request a prospectus online at www.schwab.com/prospectus. Please read the prospectus carefully before investing.
Schwab Personal Choice Retirement Account® (PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), a registered broker-dealer which also provides other brokerage and custody services to its customers.
Self Directed Brokerage Account Fact Sheet (SDBA)