What is the Savings Plus program?

Savings Plus is a voluntary retirement program that allows you to supplement your retirement benefits through tax-deferred and Roth payroll contributions. Savings Plus offers a 401(k) Plan and a 457(b) Plan. You must be an employee or officer on the Payroll of the State who is eligible to participate.

What is savings plus nationwide?

Nationwide ProAccount is a managed account program, available for an additional fee, designed to help take the guesswork out of retirement investing. With Nationwide ProAccount, Savings Plus assets are allocated to your ProAccount based on your age and personal tolerance for risk.

Can I cash out my savings plus?

You may request a withdrawal or access the appropriate withdrawal forms by logging into your account and selecting Manage account. If you do not have an online account, or have any questions, contact the Savings Plus Solutions Center at (855) 616-4776.

Is CalPERS the same as savings plus?

Savings Plus is an important resource since the California Public Employee’s Retirement System (CalPERS) pension and Social Security may not provide sufficient income to maintain an employee’s standard of living during retirement. You and your employees may obtain more information online at savingsplusnow.com.

What is a 401a vs 401k?

401a is a retirement plan that is offered by public employers and NGOs, the 401k is a retirement plan offered by private employers. The 401k allows an employee to dictate how much he or she wants to contribute out of their paycheck, the 401a is always set by the employer.

Whats the difference between a 401k and a 457?

401(k) plans and 457 plans are both tax-advantaged retirement savings plans. 401(k) plans are offered by private employers, while 457 plans are offered by state and local governments and some nonprofits.

What age can I pull from my 457?

59½
Unlike other retirement plans, under the IRC, 457 participants can withdraw funds before the age of 59½ as long as you either leave your employer or have a qualifying hardship. You can take money out of your 457 plan without penalty at any age, although you will have to pay income taxes on any money you withdraw.

Can I use my 457 to buy a house?

It is true that borrowing from a 457(b) plan may be used for first-time home buying. However, it must be a loan from the plan, not a withdrawal. Even then, there are certain restrictions that apply, which may cause some or all of the loan to be treated as a distribution subject to the 10 percent penalty.

Is 401k better than a pension plan?

a 401(k), pensions are often seen as the clear winner. However, the smart use of a 401(k) plan can provide benefits that make for a comfortable retirement. To make the most of your company-sponsored retirement plan, start saving early, maximize your employer’s match and watch your balance grow.

What do you need to know about savings plus?

Savings Plus participants have access to a variety of investment options. Whether you are a hands‐on or hands‐off investor, we have options for you. Learn about your investment style by taking the Investor Personality Assessment. You can also review our Investor Guide for more information about asset allocation and investing styles.

Is there a Savings Plus plan in California?

Nationwide ProAccount®. Savings Plus is the 401(k) or 457(b) plan available to most State of California employees, including employees of the Legislature, Judicial, and California State University (CSU) system.

Is the savings plus solutions center still open?

The Savings Plus Solutions Center remains open 5 a.m. to 8 p.m. PT Monday – Friday at (855) 616-4776. We are here to assist you with your account, including initiating transactions, such as: exchanges, loans, unforeseeable emergencies, hardships, and other transactions.

Where is Savings Plus in Sacramento CA located?

Savings Plus Walk-In Center. 1810 16th Street Room 108 Sacramento, CA 95811. Hours: 8 a.m. to 5 p.m. (PT) Monday through Friday (excluding State holidays) Keep in mind that information provided by registered representatives is for informational purposes only.