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Savings Plus is a wonderful benefit for state workers. It let's you set aside money from your paycheck for your future retirement. The money is deducted from your paycheck and put into a Savings Plus account for you. Savings Plus has many "investment vehicles" you can use so your money will grow like crazy. As a state worker, you will have a ...
Savings plus is not an account type. It is the company that manages the 401k and 457b accounts for state of California employees. The main advantage of opening a 401k or a 457b through savings plus is that this can be pre-tax monies, thereby saving you money on taxes today.
Just open a savings plus account, pick an option (401k, 457, Roth/Non-Roth), and start putting in whatever amount you want to. Nothing is written in stone so you can make changes whenever you want. You will not regret opening the account.
Only have about 9k combined as I currently have 4 accounts with Savings plus: 1) 401 Roth, 2) 401 Pre-Tax, 3) 457 Roth, and 4) 457 Pre-tax. Idk what prompt me to have 4 accounts, I think I was just young and indecisive. I have talked to many SP reps in the past and even senior coworkers on guidance on which ones I should invest more money into ...
Anyone familiar with Savings Plus. Long story short, I have retirement funds in savings plus for when I was a student assistant. Now that I’m permanent full time, My retirement contributions are going into CalPERS. My savings plus funds are just sitting there, being charged a fee each month. Has anyone moved their savings plus funds into ...
How much you contribute to Savings Plus 401/457 is different than deductions and impact to pension It is in addition to pension. Personally, I have a Savings Plus account and IRA. I contribute more to the IRA and max that one out since I have more control over where my investments go. So that is just a personal choice.
AutoModerator. Personally think the 457 is the best option for retirement savings offered to state employees. Can't really beat it, imo. It might depend on your plan but I can do Roth or traditional contributions to savings plus in a 401k and a 457. Definitely check to see if you have options.
Tax-advantaged accounts, especially the 457b available as a state worker, are invaluable to your retirement planning. The SavingsPlus program allows for a transfer out to Schwab in a PCRA (Personal Choice Retirement Account), in which you can invest into pretty much whatever you want. Reply reply More replies.
Generally speaking, if you plan to retire before 59 and don't plan to touch your 457, a 457 is better. But if you plan to retire after 59 and want flexibility of accessing money earlier under certain circumstances (not free access), a 401k makes sense. Doing both does involve a $1.50 admin fee additional expense each month.
Savings Plus 401K/457 vs Schwab PCRA. I’ve been a bit disappointed with the 6% or so annual ROI of my Savings Plus accounts and am considering moving to a Schwab PCRA. From what I understand, after doing so, I’d still have to manually move over funds into the Schwab account since it won’t automatically be moved there.