I found very scant information on this plan, while poking around and looking at information for my 457(b) plan that I contribute to as an active state employee in California.
It appears to be a plan that is available through CalPERS, but nothing about the plan appears on my CalPERS account, where I have a pension. When I got to a website page with a CalPERS login for the Supplemental Contribution Plan (SCP), I could not log in with my CalPERS credentials where I can access my CalPERS pension and healthcare info. There is a page to sign up for the plan, but it required that I provide my SSN, which I am reluctant to do without being certain that the site is legitimate. Plus I'm not nuts about singing up for a plan if I'm not sure what it is and if I even want to use it.
There is surprisingly little information available via internet search for this plan. I usually get redirected to a 457 Supplemental Income plan (SIP) that's administered by CalPERS, and that's different from the 457(b) plan that I'm already enrolled in (administered by Nationwide for Savings Plus). As an aside, I don't have enough information about the CalPERS 457 SIP plan to know much about it. I suspect that it's for CalPERS members whose employer doesn't provide for a 457 plan, but that's not clear to me.
The little information that I found on the SCP indicates that it's a plan where I can put an amount around $16,000/year and not pay taxes on the growth or on the withdrawals. It sounds similar to the end result of a Backdoor Roth IRA, which is attractive to me.
I found a form on line entitled "CalPERS Supplemental Contributions Plan #452001 EMPLOYEE ACTION FORM." That form lists "Voya Financial" as the plan administrator. I called the information number on the form (1-800-260-0659), and they didn't know anything about the plan or how I would sign up for it. They know a lot about the 457 SIP though. I called CalPERS, and they also didn't know about it. I will keep trying with CalPERS and hopefully get someone who knows about it, but I don't have a lot of hope at this point.
So I am hoping that someone here has experience with this plan and can shed some light on it. Thanks in advance.
It appears to be a plan that is available through CalPERS, but nothing about the plan appears on my CalPERS account, where I have a pension. When I got to a website page with a CalPERS login for the Supplemental Contribution Plan (SCP), I could not log in with my CalPERS credentials where I can access my CalPERS pension and healthcare info. There is a page to sign up for the plan, but it required that I provide my SSN, which I am reluctant to do without being certain that the site is legitimate. Plus I'm not nuts about singing up for a plan if I'm not sure what it is and if I even want to use it.
There is surprisingly little information available via internet search for this plan. I usually get redirected to a 457 Supplemental Income plan (SIP) that's administered by CalPERS, and that's different from the 457(b) plan that I'm already enrolled in (administered by Nationwide for Savings Plus). As an aside, I don't have enough information about the CalPERS 457 SIP plan to know much about it. I suspect that it's for CalPERS members whose employer doesn't provide for a 457 plan, but that's not clear to me.
The little information that I found on the SCP indicates that it's a plan where I can put an amount around $16,000/year and not pay taxes on the growth or on the withdrawals. It sounds similar to the end result of a Backdoor Roth IRA, which is attractive to me.
I found a form on line entitled "CalPERS Supplemental Contributions Plan #452001 EMPLOYEE ACTION FORM." That form lists "Voya Financial" as the plan administrator. I called the information number on the form (1-800-260-0659), and they didn't know anything about the plan or how I would sign up for it. They know a lot about the 457 SIP though. I called CalPERS, and they also didn't know about it. I will keep trying with CalPERS and hopefully get someone who knows about it, but I don't have a lot of hope at this point.
So I am hoping that someone here has experience with this plan and can shed some light on it. Thanks in advance.
Statistics: Posted by Big Jim24 — Sat Jan 27, 2024 5:54 pm — Replies 0 — Views 103