Retirement

California Public Employees' Retirement System (CalPERS)

The City of Stockton participates in CalPERS in lieu of Social Security. Contributions are made by the City on behalf of each participating employee and by the employee. The City receives annual reports from CalPERS; links to the CalPERS annual reports are provided under External Links at the bottom of this webpage.

• 2019 CalPERS Actuarial Valuation - Miscellaneous
• 2019 CalPERS Actuarial Valuation - Safety
• Retirement Planning Checklist

• CalPERS Circular Letter - 2022 Compensation Limits
• How to Register for myCalPERS
• Social Security - Windfall Elimination Provision
• CalPERS Local Safety Benefits
• CalPERS Local Miscellaneous Benefits
• Guide to CalPERS Special Power of Attorney
• CalPERS Pre-Retirement Lump Sum Beneficiary Designation Form
• CalPERS Recording of "Your Retirement Calculation" 
• CalPERS Members Ask: What's the Best Day to Retire?

Member Education Bulletin

Subscribe to CalPERS Member Education Bulletin to receive email notifications for CalPERS educational events, including:

• Webinars
• Virtual Instructor-led classes
• Virtual CalPERS Benefits Education Events

Retired Annuitants Hired During COVID-19 State of Emergency

The following restrictions applicable to retired annuitants are suspended for the duration of the state of emergency caused by the COVID-19 pandemic:

• Any hours worked by a retired annuitant to ensure adequate staffing during the state of emergency will not count towards the 960-hour per fiscal year limit.
• The 180-day wait period between retirement and returning to post-retirement employment will be suspended. 

Retired annuitants hired during the state of emergency are required to complete the below Retired Annuitant COVID-19 Acknowledgement form before starting employment. Please see the Circular Letter for additional information. 

• Circular Letter: 200-015-20
• Retired Annuitant COVID-19 Acknowledgement Form

The 457 Deferred Compensation Plan is a supplemental retirement savings program for contributions on a pre-tax basis. Federal and state income taxes are deferred until assets are withdrawn, usually during retirement when in a lower tax bracket.

Benefits of 457 Plan

• Reduction in current income tax liability while saving for retirement
• Accumulated tax-deferred earnings
• Flexibility to move your account into your new employer's retirement plan
• No penalties for withdrawals once you are off the payroll, regardless of your age
• Enhanced retirement income
• Increase, decrease, stop, or restart contributions as often as you wish
• Wide range of investment options through MassMutual

Contribution Limits for 2020

• Annual Limit: $19,500
• 50+ Catchup: $6,500
• Pre-Retirement Catchup:  $39,000 - if eligible under-funded contributions from previous years
• Deferred Compensation - Participation Form for New Participants
• Deferred Compensation - Payroll Contribution Change Form

Update Your Beneficiary

An employee's Deferred Compensation Plan beneficiary designation takes precedence over a will. Employees must update their beneficiary designation when:

• getting married or divorced,
• having children or grandchildren, or
• beneficiary passes away.

Employees may update beneficiary designations at any time using the Change of Beneficiary form below. Forward the completed form to the Human Resources Department.

• Deferred Compensation Change of Beneficiary

457 Loan Program

Employees can borrow against their Deferred Compensation Plan contributions.

• Minimum Loan: $1,000
• Maximum Loan: 50% of your balance, not to exceed $50,000
• Interest Rate: 1% Over Prime
• Term: 1-5 Years
• Payments: Post-tax payroll deductions each pay period
• Deferred Compensation Loan Packet
• Loan Payoffs: Make cashier's check payable to "Reliance Trust Company and Trust, as Custodian for City of Stockton, Deferred Compensation Plan and Trust - a 457 Plan."  
• In the memo line, please write: FBO (Your name)
• Cashiers check or money order must be sent directly to Empower

Empower Representative Office Hours

An Empower Retirement Education Specialist visits City locations weekly throughout the year.

• OBRA/PST - 457 Plan Document 
• 457 Plan Document 
• Deferred Comp Account Access Guide
• Deferred Comp Retirement It's Yours To Grow
• Deferred Comp Fund Fact Sheets
• Deferred Comp 2021 Semi-Annual Calendar
• Deferred Comp 2022 First Quarter Calendar

Visit Contact Us for an Empower representative.

External Links

California Public Employees Retirement System (CalPERS)

MassMutual

This City of Stockton web page last reviewed on --- 4/11/2022