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Since 1995, CalPERS has provided a deferred compensation plan to public agency and school employers and their employees. The CalPERS 457 Plan provides employees a low-cost, convenient way to save for retirement through payroll deductions. Moreover, there's no cost to your agency.

Most government entities offer employees a pension, which acts like an employer contribution. The 457 is seen as a supplemental savings plan for employees, enabling them to save more if they want.

CalPERS deferred compensation plans include the 457 Plan and Supplemental Contributions Plan. Depending on your employer, you may be able to enroll in other supplemental savings products such as 403bCompare, ScholarShare College Savings Plan, and those offered through Savings Plus.

CalPERS is a 401(a) Defined Benefit Plan. This means that your benefit amount is determined by a formula and not what you contribute to the plan. Once you're eligible and you retire, you benefit is payable for life.

CalPERS 457 Plan The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis. In addition, employee contributions and their earnings, if any, can benefit from the power of tax-deferred compounding.

The CalPERS 457 Plan is for employees of participating public agencies and schools. It is a tax-deferred plan that allows you to take advantage of tax-deferred compounding. The CalPERS 457 Plan has an “all-in” fee structure and no hidden costs, which allow you to keep more of your investment returns.