shape

Retirement

The City of Stockton offers retirement benefits to its employees.  For information about specific benefits, browse the helpful options below or use the search feature provided.

Thinking about Retirement? Review our Retirement Checklist to see what steps you should take before retiring.

California Public Employees' Retirement System (CalPERS)
CalPERS Information

The City of Stockton participates in CalPERS in lieu of Social Security. Contributions are made by both the City and employee for each participant. The City receives annual reports from CalPERS to ensure all eligible employees are included and those who are nearing retirement.

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 virtual visits through their myCalPERS account or call 888 CalPERS (or 888-225-7377)

Empower Retirement
Deferred Compensation 457 Plan
The 457 Deferred Compensation Plan is a supplemental retirement savings program for contributions on a pre-tax or post-tax basis. City of Stockton Employees can contribute to the traditional 457(b) plan and/or Roth 457(b) plan, offering: 
  • Flexibility to move your account into your new employer's retirement plan
  • No penalties for pretax 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
  • Deferred Compensation Change Form
Traditional 457(b): Federal and state income taxes are deferred until assets are withdrawn, usually during retirement when in a lower tax bracket.

  • Reduction in current income tax liability while saving for retirement
  • Accumulated tax-deferred earnings
Roth 457(b): Federal and state income taxes are deducted on your paycheck with the contribution. Assets are withdrawn tax free, if qualified criteria is met, since they were previously withheld. Available to Full-Time employees only.

For additional information on these options please review Empower: Pretax or Roth and ROTH 457 Plan FAQs.
Contribution Limits for 2024
2024 Annual Limit: $23,000
50+ Catchup: $7,500
Pre-Retirement Catchup:  $39,000 - if eligible under-funded contributions from previous years


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

  • Marriage, Divorce, Newborn children or grandchildren, or beneficiary passes away.
Employees may update beneficiary designations at any time by logging into Empower website and making the necessary changes.
457 Loan Program

Employees can borrow against their Deferred Compensation Plan traditional 457(b) contribution. You can submit the request electronically through the Empower employee portal. Once logged in, you can request a loan in a few simple steps without printing a document.

  • 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, typically a month after initiated.
  • Loan Payoffs - refer to Empower website for information on electronic payment or call 1-800-701-8255.
Empower Representative Office Hours

An Empower Retirement Education Specialist visits the City locations throughout the year. Your department Executive Assistants should share communications regarding any upcoming visits for you to schedule an appointment at Empower My Time.

Connect with our Empower specialist, Scott Schauffel via email: scott.schauffel@empower.com


Empower Customer Service: please contact 855-756-4738 or visit Empower Retirement

Last Update : 05/16/2024, 9:18:24 AM