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.
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 Federal and state income taxes are deferred until assets are withdrawn, usually during retirement when in a lower tax bracket.
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 if one a beneficiaries passes away. Employees may update beneficiary designations any time using the Change of Beneficiary form below. Once completed, the form should be forwarded to the Human Resources Department.
Employees can borrow against their Deferred Compensation Plan contributions:
A MassMutual Retirement Education Specialist visits City locations based on the following schedule:
1st, 3rd, and 5th Wednesday of each month
Stewart/Eberhardt Building (SEB) - Human Resources Benefits Conference Room
2nd Wednesday of each month
City Hall - 2nd Floor Council Chambers
4th Wednesday of each month
Municipal Utilities - Delta Conference Room
4th Thursday of each month
Police Department - 2nd Floor Community Room
Corp Yard - Break Room
See the Contact Us page to contact the MassMutual representative directly.
This City of Stockton web page last reviewed on --- 8/25/2015