CITY OF SAN JOSE SAVING FOR RETIREMENT FEDERATED CITY EMPLOYEES’ RETIREMENT SYSTEM (TIER 1, 2 & 2B) and POLICE & FIRE DEPARTMENT RETIREMENT PLANS (TIER 1 & TIER 2 (for PD)

Department of Retirement Services  Director – Roberto Pena  Assistant Director (Chief Investment Officer) – Vacant  Deputy Director – Operations– Donna Busse  Investment Officer – Ron Kumar  Principal Accountant – Benjie Chua-Foy  Benefits Division Manager – Lesley Lamb  Senior Analyst - Benefits – Toni Johnson ~

Location 1737 N. First Street, Suite 580 San Jose CA (408) We are here to answer your questions. Please call and ask to speak with an Analyst. You are our customers!

Retirement Services Website address:

Retirement Services Website

Federated Fact Sheet

Federated Tier 2 Fact Sheet *Tier 2 applies to Employees hired, rehired or reinstated on or after September 30, 2012.

Federated Tier 2B Fact Sheet *Tier 2 applies to Employees hired, rehired or reinstated on or after September 29, 2013.

Police Fact Sheet

Police Tier 2 Fact Sheet *Tier 2 applies to Employees hired, rehired or reinstated on or after August 4, NEED TO ADD POLICE TIER 2 FACT SHEET NEED TO ADD POLICE TIER 2 FACT SHEET

Fire Fact Sheet

How do I calculate my pension? Refer to the Fact Sheet or Go to Retirement Services website  Set up a “User Name” and “Password”  Run estimates based on various dates that you want to look at. NOTE: If you have forgotten your user name and/or password, please call and ask to speak with our IT Staff.

Select “My Account”

Create an Account with a “User Name” & “Password”

Sign in with your “User Name” & “Password”

Where do I get an application? Select “FORMS”

Select “Application for Retirement”

Application Checklist

Application for Retirement Your Name Your Retirement Date

Favorite Retirement Dates Federated – Before March 31 st – Cost of Living Adjustment issued on April 1 (if given) Federated – Before March 31 st – Cost of Living Adjustment issued on April 1 (if given) P & F – Before January 31 st – Cost of Living Adjustment issued on April 1 (if given) P & F – Before January 31 st – Cost of Living Adjustment issued on April 1 (if given) Before or after your union contract giving an increase or decrease in salary and/or change in pension benefits Before or after your union contract giving an increase or decrease in salary and/or change in pension benefits After the new year for tax purposes (termination payoff check may be substantial and you may be eligible to roll a portion into your 457 Deferred Compensation Account) After the new year for tax purposes (termination payoff check may be substantial and you may be eligible to roll a portion into your 457 Deferred Compensation Account)

IMPORTANT NOTE: You must submit your application for retirement prior to your date of separation from City service. We suggest at least 2 months in advance of your retirement date. If you submit your application after your date of separation, you will retire Deferred Vested. Federated Members will lose their dental insurance. (you must be enrolled in a City sponsored Dental plan at the time of Retirement to be eligible for Dental)

When do I get paid in Retirement? You will receive your retirement check on the last business day of each month.  Direct Deposit goes in the bank on that day  Checks are mailed on that day

When will I get my Termination Payoff check? Contact Finance/Payroll with all questions concerning your Termination Payoff check (408) Coordinate with Deferred Comp and Payroll to roll over some of the termination payoff money into Deferred Comp to defer some of the taxes. NOTE: If you have questions regarding possible changes to the Termination Payoff calculations please contact OER (408)

Medical & Dental Insurance in Retirement Eligibility for Dental insurance:  Federated:  5 years of service or receive 37.5% of final average salary  (Federated “Deferred Vested” members are not eligible)  Police & Fire:  15 years of service or receive 37.5% of final average salary (Police & Fire “Deferred Vested” members must have 20 years of service) Eligibility for Medical insurance:  Federated and Police & Fire:  15 years of service or receive 37.5% of final average salary (Police & Fire “Deferred Vested” members must have 20 years (Police & Fire “Deferred Vested” members must have 20 years of service) of service)

Health & Dental Insurance in Retirement (cont.) Eligibility for Medical insurance(cont.): Police & Fire: Police & Fire: (Deferred Vested) separates from City Service after 7/5/92 but prior to retirement with 20 years of service and leaves contributions in the Plan. (Deferred Vested) separates from City Service after 7/5/92 but prior to retirement with 20 years of service and leaves contributions in the Plan. However, if you transfer to a reciprocal agency (and meet all reciprocity eligibility requirements), you must have 15 yrs. of San Jose service or receive 37.5% of Final Average salary to qualify for medical benefits.However, if you transfer to a reciprocal agency (and meet all reciprocity eligibility requirements), you must have 15 yrs. of San Jose service or receive 37.5% of Final Average salary to qualify for medical benefits. NOTE: Contracts for all insurance plans for retirees are the same as active employees. NOTE: Contracts for all insurance plans for retirees are the same as active employees.

Health & Dental Insurance in Retirement A City employee who receives healthcare coverage as a dependent of another City employee or retiree shall be deemed not eligible for dual coverage. An employee may not be simultaneously covered by City-provided medical benefits as a City employee, and as a dependent of another City employee or retiree.

Is there health insurance after age 65? Yes, at age 65 it is mandatory for every City retiree to enroll in Medicare Part A & B and go into the appropriate Medicare Supplement Plan.  If not eligible for Part A – provide a letter of ineligibility from Social Security with a copy of your Medicare Part B card  All City employees are eligible for Medicare Part B

Divorce or Dissolution of Domestic Partnership In the State of California, your personal contributions into the retirement fund are considered community property, therefore you must provide a copy of the full dissolution of marriage or domestic partnership identifying the community property settlement. It must be very clear as to whether or not the ex- spouse is eligible to receive a portion of the pension and if so exactly what percentage. Retirement Services can provide a “sample” stipulation to guide the attorney in the necessary legal language in dividing your pension.

Reciprocity  Effective Date =  September 30, 1994 (P&F)  December 9, 1994 (Federated)  Retirement Plan portability  Allows member to transfer between this retirement system and PERS or certain other public agency retirement systems that also have reciprocal agreements with PERS

General Eligibility Requirements for Reciprocity  You must join a reciprocal system within six months of terminating City of San José employment.  You must not have overlapping (concurrent) service.  You must retire from all reciprocal agencies on the same date.

Benefits of Reciprocity  Right to leave contributions on deposit regardless of length of service.  Use highest average salary over your entire career.  Combine service credit in reciprocal systems to meet minimum service requirements.  Only if separation occurred after:  September 30, 1994 (P&F) or  December 9, 1994 (Federated)

CalPERS Office Location 181 Metro Drive #520 San Jose CA (888) Across from Retirement Services at Metro and Technology

CHOICES CLASSES Retirement Service offers employees that are 3-5 years from retirement a six week series of classes covering many aspects of preparing for Retirement:  Health  Deferred Comp  Social Security  Financial Planning  Estate Planning  City Pension Benefits & Options  Health, Dental and other optional insurances available through the City in retirement.

Questions???