CalHR informed ACSS of changes to the 457 Savings Plan and the 401(k) Savings Plan documents for Excluded Employees. Click below to view the updated documents.
ACSS worked with CalHR to identify changes to the plans. While most amendments are technical and routine in nature, there are some plan improvements. Employees returning to state service can now immediately resume participation in the Savings Plus program. The state has also increased options for spouses and other payees to elect Roth rollover conversions. The amendments include technical updates clarifying the state’s ability to collect overpayments. Of concern, the amendments allow the state to terminate the loan program. ACSS knows the loan program is popular with members, particularly in helping with down payments for homes. ACSS expressed concern over this change and were told that the state has no plans to end the loan program at this time. ACSS will advocate against an end to the loan program should one be proposed.
Members with questions about the Savings Plus program can reach out to the Savings Plus Service Center by e-mail, phone, or visiting the walk-in center in Sacramento. Click here for contact information.