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Benefits Advisor explaining benefits to an employee
Retirement Plans

 

CalPERS Retirement Plan

The County of Riverside offers a defined benefit plan through CalPERS.  CalPERS is the largest pension fund in the nation offering benefits to 1.6 million public employees, retirees, and their families.  This benefit has a vesting period consisting of 5 years of CalPERS qualifying experience.  CalPERS offers reciprocity for service time in some other public agencies.  This plan is designed to provide you with the security of a lifetime pension benefit. Your benefit will vary, based on your age, years of service, and final compensation at time of retirement.

Find Out More

CalPERS Publications, Retirement Forms & Brochures

CalPERS Website

my|CalPERS Self-Service Website 

CalPERS 2014 Retirement Planning Workshops at the County of Riverside

 

Part Time Employees' Retirement Plan 401(a)

The County of Riverside Temporary/Part-Time Employees’ Retirement Plan is a self-administered defined benefit pension plan implemented by the County of Riverside effective April 1, 1999. This plan was designed to provide eligible employees with a benefit equivalent to Social Security for employees not in Social Security. You are required to participate in the plan if you are designated as a temporary/part-time employee who is not covered under any other retirement system, and for whom the County is not paying Social Security taxes.  The plan is funded by employee contributions and employer contributions.  For any Plan Year, the annual benefit shall not exceed the limitations imposed under Code Section 415.

Find Out More

Summary Plan Description

401(a) Distribution Request Form

401(a) Beneficiary Designation Form

 

Traditional Deferred Compensation Contribution  (Pre-Tax)

ROTH Deferred Compensation Contribution (After-Tax)

The County of Riverside provides a voluntary Deferred Compensation Plan to assist employees in meeting their financial goals in retirement.  Employees may choose to contribute to Deferred Compensation Plans through Nationwide Retirement Solutions and/or VALIC.  Traditional deferred compensation contributions go into your account on a tax deferred basis. ROTH deferred compensation contributions are deducted on an after-tax basis. While your funds are within this account, you will not pay taxes on your gains.  When you separate from the County, you are eligible to withdraw your funds or roll them over.  Your decision to begin benefits from either of these plans is separate from your decision for CalPERS.

Find Out More

Nationwide and VALIC Contact Information

 

401(a) Money Purchase Program

The Money Purchase Program was developed by the County to supplement employees’ retirement plans.  This program is funded by the County at no cost to you, but you must enroll and select your investment elections to participate.  These are qualified funds which can be rolled into another qualified plan upon your retirement or departure from the County. Eligible bargaining units are LEMU, RCDDAA, Management, Confidential, and Unrepresented.

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Enrollment Form

 

The Post Employment Program (PEP) provides employees who are ending employment with the County the opportunity to save money on taxes. To qualify for this program, you must have at least 5 years of service in a regular position and be a member of one of the following bargaining units:  Management, Unrepresented, Confidential, LIUNA, SEIU, RCDDAA, and LEMU.  When you separate from the County, your leave balances are contributed to the Post Employment Program.  Instead of having the amounts paid directly to you and taxed at the higher supplemental rate, these funds are deposited into a tax-deferred account for you.  For specific guidelines related to your bargaining unit, please click on the link below.

Court employees are not eligible for the Post Employment Program benefit.

LIUNA and SEIU employees must have at least 5 years of service and retire.

Find Out More

2014 Retirement Planning Workshops

Retirement Planning Workshop Registration

 

Your Social Security benefit is a percentage of your earnings averaged over most of your working lifetime.

Find Out More

If you worked for a federal, state or local government where you did not pay Social Security taxes, the pension you receive from that agency may reduce any Social Security benefits for which you are qualified. Read this important article:

Government Pension Offset - A Law That Affects Spouse's Or Widow(er)'s Benefits

 

  

Flexible Spending Accounts (FSA)


ASIFlex
ASIFlex is the County's Flexible Spending Account (FSA) administrator.  You can contact Customer Service using the contact information below or visit their website at
http://www.asiflex.com/.  At the ASIFlex website, you can find forms and learn about:

  • FSA Eligible Expenses
  • How to File a Claim
  • Filing Claims Online
  • Direct Deposit Sign Up
  • FSA Health Care Debit Card

Customer Service
Customer Service is available Monday through Friday, 5:00 a.m. to 5:00 p.m. and Sat. 7:00 a.m. to 11:00 a.m. (Pacific Time).

  • Phone:  (800) 659-3035
  • TTY:  (866) 908-6043
  • Fax for Claims:  (877) 879-9038
  • Online Claims:  www.my.asiflex.com 
  • Email:  asi@asiflex.com
  • Web:  www.asiflex.com
  • Mailing Address:  PO Box 6044, Columbia, MO, 65205-6044

What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a tax-free account that allows you to pay for essential health care expenses that are not covered, or are partially covered, by your medical, dental and vision insurance plans; or pay for child/dependent care expenses. By contributing a portion of your paycheck into an FSA on a pre-tax basis, you can save from 25% to 40% on the cost of eligible expenses you are already incurring. You save money to pay for your out-of-pocket health care expenses, including prescription drug costs, medical, dental, vision and hearing expenses, and/or your child or dependent care expenses, including day care, baby sitting, in-home care for older dependents and before & after school care expenses.

When you enroll in an FSA, you decide how much to contribute to the account for the entire plan year. The money is deducted from your paycheck pre-tax (before Federal & State income taxes and FICA taxes are deducted) in equal amounts over the course of the plan year. After you incur expenses that qualify for reimbursement, you submit claims (reimbursement requests) to ASIFlex to request tax-free withdrawals from your FSA to reimburse yourself for these expenses.

Using the FSA to pay for expenses will reduce your out-of-pocket costs significantly. Your personal tax rate may vary, and your savings will vary according to your net tax rate. Use the Tax Savings Calculator found at www.asiflex.com to estimate your savings.

*OTC Expenses for 2011
Starting with expenses incurred after January 1, 2011, new federal regulations require that you submit a prescription in order for over-the-counter (OTC) medicines and drugs to be eligible for reimbursement through the FSA program.  This regulatory change will impact items such as pain relievers, cold and allergy medications, etc.  OTC supply items such as diabetes test strips, contact lens solution band-aids, etc. will not be affected, and will not require a prescription in order to be reimbursed.

*Letters of Medical Necessity
Letters of Medical Necessity (LMN) must be re-submitted/renewed for each plan year.  For expenses incurred after January 1, 2011 that require an LMN, you must have your provider complete a new LMN for 2011.  Visit the www.asiflex.com website for the LMN form.


ASIFlex
ASIFlex is the County's Flexible Spending Account (FSA) administrator.  You can contact Customer Service using the contact information below or visit their website at
http://www.asiflex.com/.  At the ASIFlex website, you can find forms and learn about:

  • FSA Eligible Expenses
  • How to File a Claim
  • Filing Claims Online
  • Direct Deposit Sign Up
  • FSA Health Care Debit Card

Customer Service
Customer Service is available Monday through Friday, 5:00 a.m. to 5:00 p.m. and Sat. 7:00 a.m. to 11:00 a.m. (Pacific Time).

  • Phone:  (800) 659-3035
  • TTY:  (866) 908-6043
  • Fax for Claims:  (877) 879-9038
  • Online Claims:  www.my.asiflex.com 
  • Email:  asi@asiflex.com
  • Web:  www.asiflex.com
  • Mailing Address:  PO Box 6044, Columbia, MO, 65205-6044

What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a tax-free account that allows you to pay for essential health care expenses that are not covered, or are partially covered, by your medical, dental and vision insurance plans; or pay for child/dependent care expenses. By contributing a portion of your paycheck into an FSA on a pre-tax basis, you can save from 25% to 40% on the cost of eligible expenses you are already incurring. You save money to pay for your out-of-pocket health care expenses, including prescription drug costs, medical, dental, vision and hearing expenses, and/or your child or dependent care expenses, including day care, baby sitting, in-home care for older dependents and before & after school care expenses.

When you enroll in an FSA, you decide how much to contribute to the account for the entire plan year. The money is deducted from your paycheck pre-tax (before Federal & State income taxes and FICA taxes are deducted) in equal amounts over the course of the plan year. After you incur expenses that qualify for reimbursement, you submit claims (reimbursement requests) to ASIFlex to request tax-free withdrawals from your FSA to reimburse yourself for these expenses.

Using the FSA to pay for expenses will reduce your out-of-pocket costs significantly. Your personal tax rate may vary, and your savings will vary according to your net tax rate. Use the Tax Savings Calculator found at www.asiflex.com to estimate your savings.

*OTC Expenses for 2011
Starting with expenses incurred after January 1, 2011, new federal regulations require that you submit a prescription in order for over-the-counter (OTC) medicines and drugs to be eligible for reimbursement through the FSA program.  This regulatory change will impact items such as pain relievers, cold and allergy medications, etc.  OTC supply items such as diabetes test strips, contact lens solution band-aids, etc. will not be affected, and will not require a prescription in order to be reimbursed.

*Letters of Medical Necessity
Letters of Medical Necessity (LMN) must be re-submitted/renewed for each plan year.  For expenses incurred after January 1, 2011 that require an LMN, you must have your provider complete a new LMN for 2011.  Visit the www.asiflex.com website for the LMN form.

  

 
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