Transcript Document

The Road Ahead:
Getting Started
In Savings Plus
What Is The Savings Plus Program?
Savings Plus: is a Benefit available to State of California employees.
 457
 401(k)
Pre-taxed or Roth
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Employees In ARP
ARP is an “alternate” retirement program
Contributions go into a 401(a) plan in lieu of service credit.
You are still a member of CalPERS.
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Are you excluded from ARP?
If you have state experience prior to August 11, 2004
including:
 Part-time, Seasonal, Temporary (PST) experience
 Student Assistant
 Youth Aid
Or After August 11, 2004
Employed in a Safety category
 Current or prior CalPERS member
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What is A
Deferred Compensation Plan?
A deferred compensation plan is an employer
sponsored program that allows employees to enhance
their retirement benefits through payroll deductions.
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Why Savings Plus
May Be a Great Way To Invest?
 Automatic Contributions & Hassle-Free
 Fund of Your Choice
 Stays invested Until Withdrawal
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More Reasons?
 You choose the amount
 You can change contribution amount anytime
 automatically goes into your investment choice
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What are the Differences?
457 Plan: No distribution penalty before age 59 ½
Distribution limited to separation from service or
unforeseeable emergency.
401(k) Plan: Penalty-free distribution after age 59½, or
financial hardship you choose the amount
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Rollovers
 Personal help now and after you retire
 May pay less in account fees
 Combine 401(k)/403(b)/”pre-tax” Traditional IRA to
401(k) or 457 to 457
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different,
including fees and when you can access funds. Assets rolled over from your account(s) may be subject to
surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59 ½. Neither Aon nor any
of its representatives give legal or tax advise
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Other Benefits
Ability to roll unused vacation time into your SPP
account (Lump Sum Deferral)
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Get Started Today!
 Reduce your take-home pay by a lesser amount
 start with the minimum
 You can change your deferral amount at any time
Fund prospectuses can be obtained at www.savingsplusnow.com or by calling 1-855-616-4776. Before
investing, carefully consider the fund's investment objectives, risks, charges and expenses. The fund
prospectus contains this and other important information. Read the prospectuses carefully before
investing.
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Determining Your Investing Strategy
After Welcome letter arrives:
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Tools & Services To Help
Make Investing Decisions
If you have any additional questions, please contact
us:
On the web at www.savingsplusnow
Toll free at (855) 616-4776
Attend additional Savings Plus education workshops
Savings Plus Financial Education Specialist:
Anthony Donatelli (916) 215-3424 (Northern California)
Ka Yi Li (916) 327-2351 (Central California)
Josh Hayes (916) 214-7493 (Southern California)
Curt Seifert (916) 215-7153 (Southern California)
Dana Madhavan (916)-214-0469 (Southern California)
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