Retirement

California Public Employees' Retirement System (CalPERS)

The City of Stockton participates in CalPERS in lieu of Social Security. Contributions are made by the City on behalf of each participating employee and by the employee. The City receives annual reports from CalPERS; links to the CalPERS annual reports are provided under External Links at the bottom of this webpage.

 

Member Education Bulletin

Subscribe to CalPERS Member Education Bulletin to receive email notifications for CalPERS educational events, including:

  • Webinars
  • Virtual Instructor-led classes
  • Virtual CalPERS Benefits Education Events

Employees can schedule telephone visits through their myCalPERS account.

 

Deferred Compensation 457 Plan

The 457 Deferred Compensation Plan is a supplemental retirement savings program for contributions on a pre-tax basis. Federal and state income taxes are deferred until assets are withdrawn, usually during retirement when in a lower tax bracket.

 

Benefits of 457 Plan

  • Reduction in current income tax liability while saving for retirement
  • Accumulated tax-deferred earnings
  • Flexibility to move your account into your new employer's retirement plan
  • No penalties for withdrawals once you are off the payroll, regardless of your age
  • Enhanced retirement income
  • Increase, decrease, stop, or restart contributions as often as you wish
  • Wide range of investment options through Empower
  • Empower Resource Guide

 

Contribution Limits for 2023

 

Update Your Beneficiary

An employee's Deferred Compensation Plan beneficiary designation takes precedence over a will. Employees must update their beneficiary designation when:

  • getting married or divorced,
  • having children or grandchildren, or
  • beneficiary passes away.

Employees may update beneficiary designations at any time using the Change of Beneficiary form below. Forward the completed form to the Human Resources Department.

 

457 Loan Program

Employees can borrow against their Deferred Compensation Plan contributions.

  • Minimum Loan: $1,000
  • Maximum Loan: 50% of your balance, not to exceed $50,000
  • Interest Rate: 1% Over Prime
  • Term: 1-5 Years
  • Payments: Post-tax payroll deductions each pay period
  • Deferred Compensation Loan Request Form
  • Loan Payoffs - refer to Empower website for information on electronic payment, or call 1-800-701-8255
  • Deferred Compensation Plan Loan Application

  

Empower Representative Office Hours

An Empower Retirement Education Specialist visits City locations weekly throughout the year.

 

Visit Contact Us for an Empower representative.

 

External Links


California Public Employees Retirement System (CalPERS)

Empower

This City of Stockton web page last reviewed on --- 10/18/2023