Employees who have participated in deferred compensation through ICMA or Nationwide Retirement Solutions are encouraged to schedule an appointment with their representative to review their retirement options. Representatives from both plans are here at the City once each month for individual 30-minute meetings with employees. Contact the Administrative Secretary in Administrative Services at extension 3146 to schedule an appointment.
Items to note with regard to deferred compensation:
Unless you are age 70 ½ or older, you do not have to select a distribution option right away. You can notify ICMA or Nationwide Retirement Solutions when you are ready to begin taking distributions. You must begin taking a minimum distribution at age 70 ½.
You may be able to use deferred compensation funds to purchase certain types of CalPERS service credit. Military Service, Service Prior to Membership and Additional Retirement Service Credit are examples of purchases that can be made using deferred compensation dollars. You must submit your request for cost information to CalPERS prior to retirement, and the plan-to-plan transfer must be completed before the expiration date of the cost information. For more information see the CalPERS webpage.
Withdrawal packets may be obtained by calling ICMA at 800-669-7400 or Nationwide Retirement Solutions at 800-769-4457.