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Retirement

CalPERS (California Public Employees Retirement System)

The City of Stockton participates in CalPERS in lieu of Social Security.  Contributions to this plan are made by the City on behalf of each participating employee and by the employee.  The City receives annual reports from CalPERS.  For information about CalPERS, click the CalPERS link in External Links below.

 

Deferred Compensation 457 Plan

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  Federal and state income taxes are deferred until your assets are withdrawn, usually during retirement when you may be in a lower tax bracket.

 

Contribution Limits for 2015

  • Annual Limit: $18,000
  • 50+ Catch Up: $6,000
  • Pre-Retirement Catchip: $36,000 (if eligible under-funded contributions from previous years)

 

Benefits of 457 Plan

  • Reduction in current income tax liability while saving for retirement,
  • Accumulate tax-deferred earnings,
  • "Dollar cost average" with bi-monthly payroll deductions,

Dollar cost averaging does not ensure profit or protect against loss in a declining market. Since dollar cost averaging involves continuous investing, regardless of fluctuating prices, investors must consider level of comfort in continuing to invest during a declining market.

  • Flexibility to move your account into your new employer's retirement plan,
  • No penalties for withdrawals once you are off payroll regardless of your age,
  • Enhance retirement income,
  • Increase, decrease, stop, or restart your contributions as often as you wish, and
  • Wwide range of investment options through MassMutual.

 

457 Loan Program

You can borrow against your Deferred Compensation Plan

  • 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:  Payroll deductions each pay period
  • Loan Setup Fee:  $50 to City of Stockton; $200 if loan is to purchase primary residence

For more information or to schedule an appointment, please contact Sheri Dentone at (209) 937-8875 or sheri.dentone@stocktongov.com.

 

MassMutual Office Hours

David McCray, the MassMutual Retirement Education Specialist, visits City locations based on the following schedule:

 

1st Wednesday of each month

Stewart/Eberhardt Building (SEB) - Human Resources Benefits Conference Room

10:00am-3:00pm

 

2nd Wednesday of each month

City Hall - 2nd Floor Council Chambers

10:00am-3:00pm

 

3rd Wednesday of each month

Stewart/Eberhardt Building (SEB) - Human Resources Benefits Conference Room

10:00am-3:00pm

 

4th Wednesday of each month

Municipal Utilities - Delta Conference Room

10:00am-1:00pm

 

4th Thursday of each month

Police Department - 2nd Floor Community Room

10:00am-1:00pm

Corp Yard - Break Room

2:00pm-4:00pm

 

5th Wednesday of each month (if applicable)

Stewart/Ebehardt Building (SEB) - Human Resources Benefits Conference Room

10:00am-3:00pm

 

Update Your Beneficiary

Remember, your Deferred Compensation Plan beneficiary designation takes precedence over your will.  Please update your beneficiary designation when getting married or divorced, having children or grandchildren, or if one of your beneficiaries passes away.

Update your beneficiary designations any time using the Change of Beneficiary form below and forward it to the Deferred Compensation Office in Human Resources at the Stewart/Eberhardt Building. 

 

Retiree Healthcare

The following information assists City of Stockton retirees regarding choices about retiree healthcare. These links also contain information about the Affordable Care Act. 

 

External Links


California Public Employees Retirement System (CalPERS)

Kaiser

MassMutual 

This City of Stockton web page last reviewed on --- 3/27/2015