Retirement

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Call customer service: 888-225-7377

Access Your CalPERS (login information required)

Participation
As long as you meet the eligibility requirements, you participate in the CalPERS defined benefit (DB) pension plan. You participate as a:

• “Classic” Employee: You were hired into the CalPERS system prior to January 1, 2013 and you have not had a break in service of more than six months; or
• “Non-Classic” Employee: You were hired into the CalPERS system on or after January 1, 2013.

Funding
A combination of employer and employee contributions fund CalPERS pension benefits.

• “Classic” Employees in Most Bargaining Units: The County pays a majority of the contributions required to fund plan benefits (amounts vary and are determined by bargaining unit agreements).
• “Non-Classic” Employees: You pay at least half of the normal cost to fund your pension plan benefit.

Formula
The plan provides you with a lifetime pension benefit. Your benefit is based on a formula:

• “Classic” Employees: The formula includes your service credit, “benefit factor,” and final average compensation over a 12-month period.
• “Non-Classic” Employees: The formula includes your service credit, “benefit factor,” and final average compensation over a 36-month period.

Benefit Calculation
See the Benefits Guide for an example of how your benefit is calculated. Then visit the CalPERS website to learn more about your specific retirement benefit.

CalPERS website

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Call Fidelity Investments:
844-SCC-457B (722-4572)

Access your account (login information required)

Participation:

• The DC Plan is a defined contribution retirement savings plan.
• By participating now, you can lower your taxable income and set aside compensation pre-tax until you retire.
• You can also choose to set aside income after-tax through the Roth contribution option. With this option, you pay taxes on your income now and receive your funds tax free after you retire.

Contributions:

• You may contribute pre-tax or Roth after-tax contributions, up to an annual IRS-determined maximum. The funds you contribute are held in a trust.
• You can change or stop your payroll contributions on a monthly basis.

Investments:

• You may invest your contributions in a variety of mutual funds and other types of investment vehicles.
• Take advantage of the tools and resources available to help you make sound investment decisions.

Accessing Your DC Plan Funds:

• Generally, you are not allowed to access your DC Plan funds while you are employed by the County.
• Your funds are held in trust until you separate from service or retire.
• The DC Plan may allow you to take a loan or an emergency withdrawal from your account (strict IRS regulations govern loans and withdrawals).
• Various payout options are available once you separate from service or retire.

Fidelity NetBenefits website

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Call the Employee Benefits Department: 408-970-2600 or 800-541-7741

Participation
As long as you meet the eligibility requirements, the County provides you access to group health plan coverage as a retiree.

Eligibility
Your hire date with the County determines your eligibility for retiree medical coverage. There are four eligibility Tiers, and different requirements (see page 4) apply for each Tier. Review your union’s memorandum of understanding or agreement for more details regarding eligibility.

Coverage

• The County pays for single coverage under the Kaiser retiree-only health plan.
• If you elect a more expensive medical plan or you cover an eligible dependent, you reimburse the County for the difference in monthly premium.

Enrolling

• Start the enrollment process 60 days before you plan to retire by calling the Employee Benefits Department.
• Coverage is not automatic. You must complete the necessary paperwork for medical coverage to continue after you retire.

Union Memoranda of Understanding and Agreement