Deferred Comp & Retirement

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:

• CalPERS Local Miscellaneous Benefits
• CalPERS Local Safety Benefits

Retirement Forms

• CalPERS Employment After Retirement
• CalPERS Retirement Booklet
• CalPERS Power of Attorney Flyer
• CalPERS Special Power of Attorney Guide
• CalPERS Special Power of Attorney Designation Form
• CalPERS Reciprocal Self-Certification Form
• CalPERS Beneficiary Designation Form
• CalPERS Disability Retirement Guide
• CalPERS Retirement Allowance Request Form
• CalPERS Service Credit Form (Layoff, Prior Service)
• CalPERS Service Credit Form (Service Prior to Membership)
• CalPERS Service Retirement Election Application

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.

• 401a Enrollment Form
• 401a Plan Guide
• 401 Plan Change Form
• 401a Withdrawal Packet
• ICMA Beneficiary Designation
• Loan Packet
• Transfer to Purchase Service Credit
• Beneficiary Account Setup and Withdrawal Form

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.

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.

• Beneficiary Withdrawal Packet
• 457 Co-Provider Transfer
• 457 ICMA-RC Enrollment Form
• 457 IMCA-RC Enrollment Information Guide
• 2019 Pre-Retirement Catch Up Form
• Contribution Change Form
• Emergency Withdrawal Request Form
• Roth Conversion Form
• Special Tax Notice
• Transfer Out of ICMA Form
• ICMA Beneficiary Designation
• Beneficiary Account Setup and Withdrawal Form
• Transfer from ICMA to ICMA Form
• Loan Packet
• Transfer to Purchase Service Credit
• Direct Rollover Transfer to ICMA Form

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.

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 Checklist and Contact List
• HR Retirement Session Schedule 2019
• Retirement Resignation Form
• Payout Rollover Request Form
• SEIU Health Care Supplement (see eligibility requirements indicated on form)
  • SEIU
  • SEIU REFUSE
• Retirement Session Part II – HR Presentation Slides