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.
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:
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
- 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 Purchase Option
- 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 Mission Square Retirement (Formerly ICMA-RC). Employees have a variety of investment options in all risk categories.
- 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
- Enroll online using a computer, table, or mobile device HERE
- All you need to get started is your City of Riverside plan number: 302829
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|
|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:
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.
City of Riverside employees are encouraged to plan retirement at least one year in advance. The earlier you learn about your retirement benefits, the better prepared you will become in making decisions in the future. Retirement Planning Sessions are available to assist you in understanding various retirement considerations. Click here to view our current City of Riverside Retirement Planning Sessions.
CalPERS also has many resources available to help you in your retirement planning including:
- CalPERS Website
- Your Personal myCalPERS account
- Online and Instructor-led classes
- Webinars and YouTube videos
- Member Publications
- One-on-One retirement counseling
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].
- HR Retirement Presentation Video
- Retirement Planning Checklist and Contact List
- Retirement Resignation Form
- Payout Rollover Request Form
- SEIU Health Care Supplement (see eligibility requirements indicated on form)
- HICAP Medicare Essentials
- CalPERS Your Retirement Calculation
- CalPERS Online Service Retirement Application
- ICMA - Managing Deferred Comp After Retirement
- ICMA - Social Security Steps in Public Service
- Life Insurance Portability FAQ
- Life Insurance Portability and Conversion Comparison
- Life Insurance True Portability Application