print logo
Main Content Anchor

Savings Plus


Live Classroom Training and Educational Webinars

Live Classroom Training and Educational Webinars available at no cost. Select the link to view the training page.

State Employee 401(k) Plan and 457(b) Plan

Savings Plus is the name of the 401(k) Plan and 457(b) Plan available to most State of California employees.

With Savings Plus, you can build a retirement savings account.  Automatic payroll deductions from your paycheck are invested in funds you select  from the Savings Plus portfolio menu. Money from your paycheck that you invest this way is not taxed until you eventually withdraw it, generally during retirement.

Visit to learn more about Savings Plus.

Lump Sum Separation Pay

Transfer Your Lump Sum Separation Pay to Your Savings Plus 401(k) Plan Or 457(b) Plan

Do you plan to retire before the end of the year? Do you have unused leave credit? Normally, when you retire, you receive a lump sum payment for the value of your unused leave. Did you know you can defer this payment - and the associated tax - by transferring your lump sum payment to a Savings Plus 401(k) or 457(b) account? You will avoid paying taxes on the funds until withdrawn.

Retire this year - defer your lump sum payment into the next year

If you separate between November 1, and December 31, you can transfer up to the maximum contribution limit for the current tax year and for the following tax year. This may help you avoid a large tax bill.

Take advantage of this tax benefit - see how it can work for you

Submit your completed Lump Sum Separation Pay Form to your employer. Your lump sum paperwork must be officially submitted 5 working days prior to separation; however, Personnel Offices request you submit your paperwork 30 days prior to separation of service in order to accommodate necessary discussion that may impact timely completion of the paperwork.

Rehired Annuitants

Rehired Annuitants May Contribute to Savings Plus

State and CSU employees who separate and return to work as a "Rehired Annuitant" may contribute to Savings Plus. (The term "rehired" annuitant, is also known as "retired" annuitant among State employees.)
As a working retiree, you understand firsthand the importance of financial security during retirement. It is not too late to act.

Contact Savings Plus

Contact Savings Plus​ for information about the plan.

  Updated: 1/12/2016
One Column Page
Link Back to Top