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The County of Riverside offers a defined benefit plan through CalPERS. CalPERS is the largest pension fund in the nation offering benefits to 1.4 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. The retirement formula for County employees is generally "3% at 60," which provides for a benefit of 3% of salary at age 60 (age 50 for Safety members) for each year of service. Your benefits will vary, based on your age, years of service, and final compensation at time of retirement.
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Link to Common Forms and Information for CalPERS
Link to CalPERS website
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Part Time Employee Retirement Plan 401(a)
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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.
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To Download the Summary Plan Description
New 401a Distribution Request Form
401 Beneficiary Form
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457 Deferred Compensation Plans
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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 AIG Retirement. Contributions go into your account on a tax deferred basis, so you will not pay taxes on them until you withdraw your retirement funds. 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.
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Loan Information
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401(a) Money Purchase Program
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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, DDAA, Management, Confidential and Unrepresented.
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Enrollment Form
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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**, DDAA 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 this benefit
**For LIUNA and SEIU employees, you must have at least 5 years of service and retire
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Your Social Security benefit is a percentage of your earnings averaged over most of your working lifetime.
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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
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