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Deferred Comp & Retirement

CalPERS logo ICMA-RC logo

The City provides retirement options through CalPERS and ICMA-RC. Options include retirement and deferred compensation (401a, 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

For CalPERS benefit plan and enrollment highlights, please review the Retirement Plan Flier. The CalPERS member booklets for the Local Safety and Miscellaneous Group contain complete details on retirement benefits. The member booklets can be found on the CalPERS website at www.calpers.ca.gov. Also, you may access member booklets by clicking on the links below:

Retirement Forms

Deferred Compensation 401a Plan

The City provides for Executive level employees the opportunity to enroll in an IRS Section 401(a) deferred compensation plan. This plan allows participants to defer a percentage of their salary on a pre-tax and/or roth (after-tax) basis for investment purposes. ICMA-RC currently administers the 401(a) plan. Employees must complete 401(a) enrollment forms to enroll.

IRS Section 401(a) Plan Highlights

  1. Eligible participants have a ONE-TIME opportunity upon appointment or promotion to an Executive level position to enroll in this plan. If declined, an eligible participant CAN NOT enroll at a later date.
  2. Eligible participants may contribute any dollar amount or percentage of salary to the 401(a) plan up to the maximum allowable contribution. However, participants may NOT change their deferral amount at a later date.
  3. The current maximum allowable contribution under the IRS is $55,000 per year. The annual maximum allowable contribution is subject to change by the IRS.

The ICMA-RC 401(a) ENROLLMENT guide contains complete details of benefits and exclusions.

If you have additional questions regarding the 401(a) deferred compensation plan, please contact ICMA-RC Member Services at (800) 669-7400. Also, the Human Resources Benefits Division is available to answer benefit questions.

Deferred Compensation 457b Plan

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 ICMA-RC. Employees have a variety of investment options in all risk categories.

To view plan information for the City of Riverside ICMA-RC: http://www.icmarc.org/riversideca.html.

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

  1. Enrollment is continuous - participants can enroll, stop and change at any time.
  2. The minimum contribution is $10.00 per pay period.
  3. The maximum allowable contribution under the IRS for the current tax year is $19,000 per year ($25,000 per year if employee turns 50 years or older in the calendar year).
  4. 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, unless the employee requests otherwise.
    • The City contribution for Executive, Elected Officials, Management I/II and Confidential employees is $75/month and employee must contribute at least $12.50 per pay period.
    • The City contribution for IBEW Supervisory employees is $250/month and the employee must contribute at least $25.00 per pay period.*
    • The City contribution for Fire-safety Management employees is $210/month and employee must contribute at least $25.00 per pay period. City contribution is $200/month, if enrolled in LTD.*
    • The City contribution for Police-safety Management and Supervisory employees is $215/month and the employee must contribute at least $25.00 per pay period. City contribution is $200/month, if enrolled in LTD.*

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

  5. Balances in 457b accounts through previous employers may be transferred to the City. Effective January 1, 2002, 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.

Deferred Compensation enrollment packets contain complete details of benefits and exclusions. The City of Riverside Human Resources Department and ICMA-RC Member Services are also available to answer questions.

If you need assistance with completing enrollment forms or transfer forms please contact one of ICMA-RC’s Retirement Plan Specialist: Ruben Diaz 888-883-8577 rdiaz@icmarc.org or Ryan Carpenter 202-360-2761 rcarpenter@icamrc.org. 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.

Retirement Planning