Retirement

CalPERS (California Public Employees Retirement System)

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 linked in External Links below.

 For additional information regarding retirement, please see links below:

 

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. 

 

FAQs about CalPERS and COVID-19 

Frequently asked questions about CalPERS and COVID-19 can be found here:

 
Employees can schedule telephone visits through their MyCalPERS account.
 

Deferred Compensation 457 Plan

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 Federal and state income taxes are deferred until assets are withdrawn, usually during retirement when in a lower tax bracket.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

 

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,
  • beneficiary passes away.

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

 

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
  • Loan Administration Fee: $50 to City of Stockton; $200 if the loan is to purchase a primary residence
  • 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)
    • Bring cashier's check to the Human Resources Department; personal checks not accepted.

 

MassMutual Representative Office Hours

A MassMutual Retirement Education Specialist visits City locations weekly throughout the year.

 

Visit Contact Us for the MassMutual representative.

 

External Links


California Public Employees Retirement System (CalPERS)

MassMutual

This City of Stockton web page last reviewed on --- 6/26/2020