The City offers employees three voluntary Deferred Compensation. The plans are administered by ICMA, Nationwide, and VOYA (CalPERS) in accordance with Section 457 of the Internal Revenue Code.
The Deferred Compensation Plan is a supplemental retirement plan option in addition to your City retirement plan. Participants of the program select a plan and a designated monthly amount to deduct from their paychecks. While you may stop your deductions at any time, you may not have access to the funds until you have separated from City employment.
Enrollment or changing forms are available at the Human Resources Department or by clicking on the links below. Participation is handled through payroll deductions on a pre-tax basis. All enrollment and change forms must be submitted to the Human Resources and/or payroll, for proper processing.
2019 457(b) Contribution Limits
The IRS sets contribution limits. The limits for 2019 plan year are listed below. Should you have questions about the limits please contact your plan representative or the Human Resources office.
- 2019 Elective Contribution Limit - $19,000: This dollar amount is the maximum contribution that can be made to an eligible 457(b) plan by a participant. Note: contributions cannot exceed compensation nor the contribution limit.
- 2019 “Age 50” Catch-Up Contribution Limit - $6,000: This dollar amount applies to employees who are at least 50 years old or who will be 50 by the end of the calendar year and are eligible to contribute to a 457(b) plan. This is in addition to the Elective Contribution Limit listed above. The maximum contributed that can be made in the 2019 plan year using this provision is $25,000.
- 2019 "Pre-Retirement" Catch-Up Contribution Limit - $19,000: This allows 457(b) plan participants to make additional contributions during the three years prior to, but not including the year in which they will reach normal retirement and is based upon the total amount of contributions that could have been made in prior years (with the same employer), but were not. This amount is in addition to the Elective Contribution Limit but cannot be combined with the “Age 50” catch up limit. The maximum contribution that can be made using this provision during the 2019 plan year is $38,000.
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DEFERRED COMP FORMS:
ICMA-RC Forms:
Randi Carmen / (866) 620-6068
ICMA-RC Beneficiary Change Form
For ICMA-RC Appointments Click HERE.
VOYA (CalPERS) Forms:
Selam Berayes / (888) 713-8244 ext. 2
CalPERS Beneficiary Designation Form
CalPERS Unforseeable Emergency Form
For CalPERS 457 Appointments Click HERE.
Nationwide Forms:
Jake Sours / 916-708-1320
Nationwide Participation Agreement
Nationwide Beneficiary Change Form
Nationwide 457 Distribution Form
For Nationwide Appointments Click HERE.
All completed deferral change forms must be submitted directly to the Finance Payroll Division
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For more information or questions regarding the 457 Deferred Comp Plan, please contact the
Human Resources Department at hr@alamedaca.gov or via telephone at (510) 747-4900.