The City provides retirement options through CalPERS and ICMA-RC. Options include retirement and deferred compensation (457b) that may vary among bargaining units.
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
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)
Retirement Booklets
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 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
- 457 Pre-Retirement CatchUp 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
- Enrollment is continuous - participants can enroll, stop and change at any time.
- The minimum contribution is $10.00 per pay period.
- The maximum allowable contribution under the IRS for the current tax year is $19,500 per year ($26,000 per year if employee turns 50 years or older in the calendar year).
- 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
- 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.
- Retirement Planning Checklist and Contact List
- HR Retirement Session Schedule 2020
- Retirement Resignation Form
- Payout Rollover Request Form
- SEIU Health Care Supplement (see eligibility requirements indicated on form)
- Retirement Session Part II – HR Presentation Slides