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Deferred Comp & Retirement

CalPERS logo ICMA-RC logo

The City provides retirement options through CalPERS and Mission Square Retirement (Formerly ICMA-RC). Options include retirement and deferred compensation (457b) that may vary among bargaining units.

California Public Employees' Retirement System (CalPERS)

For benefitted employees, retirement benefits are provided by the California Public Employees' Retirement System (CalPERS), which is a defined benefit plan. Currently, the City has the following retirement contracts:

For additional information on the Public Employees’ Pension Reform Act (PEPRA) of 2013, please visit CalPERS PEPRA.

Retirement Plan Highlights

Log in or register for a member account at calpers.ca.gov to access real-time details about your CalPERS account. Member education resources and CalPERS videos are also available on the CalPERS website. The member booklets can be found on the CalPERS website at https://www.calpers.ca.gov/page/home

The City of Riverside has the following retirement contracts:

Local Miscellaneous

1st Tier - 2.7% at 55 contract. Based on bargaining unit, some employees may pay potion of the Employee Share

2nd Tier - 2.7% at 55 contract and pay the Employee Share (8%) as follows:

  • SEIU & SEIU Refuse employees hired on or after 6/7/11
  • IBEW, IBEW Supv, Executive, Elected Officials, Mgmt & Confidential employees hired on or after 10/19/11

3rd Tier - Eligible employees hired on or after 1/1/13 are covered under the 2% at 62 contract and pay the Employee Share of 50% of the normal cost (% established by CalPERS)

Local Fire (Safety)

1st Tier - Sworn Fire employees hired before 6/10/11 are covered under the 3% at 50 contract

2nd Tier - Sworn Fire employees hired on or after 6/11/11 are covered under the 3% at 55 contract and must pay the Employee Share (9%)

3rd Tier - Sworn Fire employees hired on or after 1/1/13 are covered under the 2.7% at 57 contract and must pay the Employee Share of 50% of the normal cost (% established by CalPERS)

Local Police (Safety)

1st Tier - Sworn Police employees hired before 2/16/12 are covered under the 3% at 50 contract

2nd Tier - Sworn Police employees hired on or after 2/17/12 are covered under the 3% at 50 contract and must pay the Employee Share 9%

3rd Tier - Sworn Police employees hired on or after 1/1/13 are covered under the 2.7% at 57 contract and must pay the Employee Share of 50 % of the normal cost (% established by CalPERS)

Impacts of CalPERS and Social Security

Retirement Booklets

Retirement Forms

Mission Square Retirement (Formerly ICMA-RC) Deferred Compensation 457b Plan (benefitted employees)

The City provides all benefited employees the opportunity to participate in a Section 457b Deferred Compensation plan. Deferred Compensation allows participants to defer a portion of their salary on a pre-tax and/or roth (after-tax) basis, for investment purposes. The plan is administered by Mission Square Retirement (Formerly ICMA-RC). Employees have a variety of investment options in all risk categories.

2023 Limits

  • Annual Deferral Limit: $22,500
  • Age 50+ Catch Up Limit: $30,000
  • Pre-Retirement Catch-Up Limit (must be w/in 3 years of retirement): $45,000

Enrollment

Deferred Compensation is not a savings account. Under IRS Section 457b, distributions can only be made at termination, retirement, or unforeseeable emergency.

  • The deferred compensation committee must review all unforeseeable emergency claims.
  • The City MUST abide by IRS regulation or risk forfeiting the entire Deferred Compensation plan.

IRS Section 457b Plan Highlights

    Enrollment is continuous - participants can enroll, stop and change at any time and the minimum contribution is $10.00 per pay period. The City may contribute a specific amount for employees in certain bargaining units. If participant has a pre-tax and after-tax account, the City contribution will go towards the pre-tax account. Certain employee groups qualify for a City contribution with a minimum employee lection, amounts listed below:

    Employee Group Minimum Employee Contribution Per Pay Period City Contribution Per Pay Period
    Executive, Elected Officials, Management I/II $12.50 $50
    SEIU General $12.50 $12.50
    IBEW Supervisory $25 $125
    RPOA Supervisory (Sergeants) & RPAA (Lieutenants & Captains) $25 $335 / $320 if enrolled in Long-Term Disability *
    RFMG Fire Management $25 $210 / $200 if enrolled in Long-Term Disability

    * Premiums for Long-Term Disability are paid out of the City's contribution to deferred compensation

    Balances in 457b accounts through previous employers may be transferred to the City. Effective January 1, 2022, plans such as 401(a), 401(k), IRA and 403(b) are compatible with 457s under the IRS code and can be rolled over to a 457 plan. If you need assistance with the online enrollment process or other plan features please contact one of Mission Square's Retirement Plan Specialists:

    Thomas Dawes

    883-646-0238

    [email protected]

    Or

    Ryan Carpenter

    202-360-2761

    [email protected]

    Membership Service Center can also be contacted at 800-669-7400 for additional questions regarding the 457b plan. The Human Resources Benefits Division is available to answer benefit questions at 951-826-5639.

PARS Deferred Comp 457b plan (non-benefitted employees)

All part-time, temporary, (non-benefitted employees) are automatically enrolled in a deferred comp provided by PARS in lieu of Social Security.

You can access your account balance and statements on the PARS website at https://myaccount.pars.org.

PARS plan support can also be contacted at 800-540-6369 for this information or any questions regarding your account.

Request for Distribution

Designation of Beneficiary (Enrollment)

Retirement Planning

In response to the COVID-19 pandemic we have cancelled all retirement planning workshops until further notice. A recording of the HR retirement planning presentation can be found below. A printable version of the presentation can also be found below; so that you are able to take notes and follow along with the slide show. CalPERS, HI-CAP (on Medicare), and ICMA-RC (deferred comp and social security) have also provided presentations. All retirement forms are posted below; Retiree insurance rate sheets can be found by clicking on Retiree/Cobra (list on left side).

CalPERS is currently making one-on-one phone appointments (no walk-ins or in-person) to discuss your retirement and answer any questions. Please contact CalPERS directly at 888-225-7377 for any questions regarding your CalPERS account (including estimate of retirement and submitting your CalPERS online retirement application). Thank you for your patience and understanding.

The HR Benefits team is scheduling one-on-one retirement phone consultations to discuss your City benefits and City retirement details. Please reach out to the benefits team if you have any questions/concerns or if you would like to schedule an appointment via phone at 951-826-5639 or email [email protected]