Retirement

The City of Stockton participates in the California Public Employees Retirement System (CalPERS). The City pays the employee's contribution, which is 7 percent for Miscellaneous (all non-public safety) employees and 9 percent for Public Safety employees. The City currently provides the 2 percent at 55 (years of age) formula for Miscellaneous positions; the 3 percent at 50 (years of age) plan for police safety positions; and 3 percent at 50 (years of age) for fire safety positions. The City does not participate in Social Security.

Currently, the employer and employee contributions to the retirement systems are as follows for fiscal year 2010 - 11:

Police safety (SPOA) employees

• Employer Contribution - 32.32%
• Employee contribution (City paid) - 9%

Police Management (SPMA) employees

• Employer Contribution - 27.82%
• Employer contribution (employee paid) - 4.5%
• Member Contribution (City Paid) - 9.00%

Fire safety employees

• Employer Contribution - 32.32%
• Member Contribution (City Paid) 9.00%

Miscellaneous employees

• Employer Contribution - 18.07%
• Member Contribution (City Paid) - 7.00%

Miscellaneous Trades employees

Employer Contribution - 12.57%

Employer contribution (employee paid) - 5.5%

Member Contribution (City Paid) - 7.00%

Deferred Compensation 457 Plan

This supplemental retirement savings program allows employees to make contributions on a pre-tax basis. Federal and state income taxes are deferred until assets are withdrawn. Benefits of participating in this plan are listed below:

• Reduce income tax liability while saving for retirement
• Earnings accumulate tax-deferred
• Portability - move account if needed
• Supplement retirement income in lieu of Social Security
• Manage contributions as desired
• Wide range of investment options offered through Hartford Life and ICMA

External Links

There are currently no external links.

This City of Stockton webpage last reviewed on --- 3/21/2011