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What's happening

November 15th: If you do not already have a California Savings Plus 401(k) account, one will be established for you.
November 2024 pay period, the State shall make a one-time contribution in the amount of $475 to a Savings Plus 401(k) plan, pre-tax, on behalf of all permanent full-time employees in Bargaining Unit 6 who are active as of November 1, 2024. This contribution will show in your Savings Plus account in early December.
January 2025 pay period, the State shall make a monthly contribution equivalent to one percent (1%) of the employee’s monthly base salary to the Savings Plus 401(k) plan, pre-tax, on behalf of all permanent full-time employees in Bargaining Unit 6. This contribution will begin to show in your Savings Plus account in early February, and at the beginning of each month thereafter.

Why it's happening

Thanks to recent negotiations between the California Correctional Peace Officers Association (CCPOA) Bargaining Unit 6, and the state, you will begin to receive a new benefit later this year. You do not have to do anything to begin receiving employer contributions in your Savings Plus account. However, you may want to update your account now so that you can be fully prepared when contributions begin.

What you should do right now

Enroll/create access to your Savings Plus account

Doing so now will help ensure that you are all set when you begin receiving employer contributions. It’s easy and takes just minutes.

If you enrolled in the 457 plan, or transferred from the PST plan to the 457 plan after February 2017, you can check to see if you have an account already established by clicking the Enroll/create access link above.

Decide how you want your contributions invested

If you already have a Savings Plus account, this may be a good time to:

Review your investment strategy
Designate your beneficiaries
Increase your contribution amount
Bookmark this web page

As we get closer to December, you will receive more news and information concerning this benefit and Savings Plus. In the meantime, learn more by visiting the About Savings Plus section of our website.

On-demand webinar

Quick presentation that covers timeline, resources, and next steps to help you maximize this new benefit, to help you achieve a financially secure retirement. The presentation is brief, and only five minutes.

Attend a live webinar

We’ll discuss the timeline, resources, and next steps to help you maximize this benefit and achieve a financially secure retirement. We plan to cover the details in a 15 to 20-minute presentation and will be available for Q&A at the end.

Frequently asked questions

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How do I know whether I'm eligible for this program?

If you are a member of Bargaining Unit 6 (including Excluded and Exempt positions tied to Bargaining Unit 6) and are in a full-time, permanent position, then you are eligible to receive this benefit. Employees must be in active status or on leave, including Leave of Absence or Disability, to be considered eligible.

Do I need to contribute to be eligible?

You do not need to contribute to be eligible. If you are not currently enrolled, an account will be set up for you prior to the contribution being applied.

What is an employer contribution?

The employer contribution is pre-tax and is submitted by your employer and is applied to your Savings Plus 401(k) account. The employer contribution does not count toward the 402(g) annual contribution limit. This means you can continue to contribute to your 401(k) amount up to the maximum allowable limit set forth by the IRS. You can also contribute to a Savings Plus 457(b) plan.

Is this a match? Can I increase my employer contribution by increasing my own contribution(s)?

No, this is not a match. The employer contribution is 1% of your base pay and will not increase or decrease based on your voluntary contributions. Further, no voluntary employee contribution election is required to receive the employer contribution.

Can I opt out of this benefit?

Employees cannot opt out of this benefit — it is not voluntary or elected by the employee. This is an employee benefit bargained by your union and the State of California.

How much is the employer contribution?

A one-time contribution of $475 will be deposited for employees who meet eligibility criteria on November 1, 2024. All subsequent monthly employer contributions will be in an amount equal to 1% of your base pay. Overtime and other special pay types are not included in the calculation for the employer contribution amount.

When and how will I see the money in my account?

The funds will be posted to your Savings Plus account within 3 business days of your monthly pay warrant’s issue date. The employer contribution is tracked separately from your voluntary contributions. You will be able to see the contributions listed as “Employer Contribution” on your statements and in your online transaction history.

How will the employer contribution be invested?

Your employer contribution assets will automatically be defaulted into a target date fund based on your age and a target retirement age of 62. However, you can choose to invest in the other Savings Plus core investment options. For more information about the investment choices available to you, visit the Savings Plus investment options webpage.

Is there a vesting schedule to be eligible for the employer contribution after separation?

No, the funds are immediately vested.

When can I withdraw this money?

One of the Plans' primary purposes is to provide benefits during retirement. However, under certain circumstances, you may be able to withdraw from your account while you are still working. For more information about taking distributions while employed, visit the Savings Plus early withdrawals webpage.

Are there fees associated with this account?

Your account will be assessed an annualized 0.04% asset-based fee deducted quarterly at 0.01% against the first $600,000 of your account balance. Your account will also be assessed a $6 administrative charge quarterly. Visit the Savings Plus annual fee disclosure webpage for more information about participant directed fees.

Learn more about Savings Plus

View important information on benefit payroll processing