1801 - Contribution Rates
- Accounting Officers
- Personnel Officers
- Personnel Transactions Staff
- Personnel Transactions Supervisors
- provides information about enrollment in Savings Plus supplemental retirement program
- provides eligibility criteria
"Savings Plus" is the name of the 401(k) and 457(b) Plan available to most State of California employees, including employees of the Legislature, Judicial Branch or Council, and California State University (CSU) system. These plans allow employees to invest in their future by building a retirement savings account using payroll deductions that go into investments they select from the Savings Plus investment fund lineup.
Eligible employees may enroll in Savings Plus at any time. Employees are not limited to an open enrollment period.
The following employees are eligible to enroll in a Savings Plus 401(k) and 457(b):
- Currently employed by the State of California or the California State University (CSU) system, and eligible for membership in CalPERS, the Legislators' Retirement System, or the Judges' Retirement System.
- Separated from State and CSU employment and return to service as a "rehired annuitant" (The term "rehired" annuitant, used in the CSU system, is also known as "retired annuitant" among State employees.)
Annual contribution rates are determined by the Internal Revenue Service (IRS) and are posted on the Savings Plus website upon availability. The annual contribution limits determined by the IRS apply separately to each Plan (401(k) and 457(b)) regardless of whether the individual contributions therein were pre-tax or after-tax Roth. Contributions are made by employee’s via payroll deduction.
Excluded Employee Compensation Plan
There are currently no employer match contributions. However, from July 1, 2000 - June 30, 2001 the State did contribute a set amount to managers, supervisors, and confidential and specified excluded employees into a 401(k) plan. The contribution for employees with a Collective Bargaining Identifier (CB/ID) of Manager and related excluded designations (M, E59, E79 and E99) was $100/month.
The contribution for employees with a CB/ID of Supervisory, Confidential and related excluded designations (S, C, E48, E58, E67, E77, E68, E78, E97 and E98) was $50/month.
Enroll online at www.savingsplusnow.com.
- 401(k) Plan Document
- 457(b) Plan Document
- Government Code section 19993
- Government Code section 19999.5
- Internal Revenue Code section 401(k)
- Internal Revenue Code section 457(b)
- PML 2000-058: Excluded Employee Compensation Plan - 401 (k) Thrift Plan
- PML 2001-028: PML 2001-028 - 6/27/2001 - Suspension of Employer 401 (k) Contribution for Excluded Employees
- Savings Plus Now: Savings Plus is the 401(k) or 457(b) plan available to most State of California employees
Savings Plus Service Center
To speak with a service center representative say "representative", or press 0., Savings Plus
Chief, Savings Plus Division