Retirement

CalPERS

The City of Fontana participates in the California Public Employees' Retirement System (CalPERS). A career in public service with the City of Fontana will afford you the opportunity to receive a lifetime retirement benefit after five years of full-time service and meeting the minimum retirement age requirement that is determined by CalPERS.

Based upon an employee's hire date and the group under which an employee falls under (either Miscellaneous or Safety) an employee is tied to a formula. This formula is used for your contribution amount as well as your monthly pension amount. Employees are eligible to contribute to CalPERS if they are already a member of CalPERS from a previous employer, are being hired into a full-time classification, or are a part-time employee who has worked more than 1,000 hours in a fiscal year. 

Currently there are 3 tiers under each of the two categories below:

 Miscellaneous
Entry Date
Retirement Formula
Employee Contribution Amount
Member hired before 7/1/112.5% @ 558%
*Member hired before 1/1/132% @ 557%
*Member hired after 1/1/13 (PEPRA)2% @ 627.5%
Safety
Entry DateRetirement FormulaEmployee Contribution Amount
Member hired before 7/1/113% @ 509%
*Member hired before 1/1/133% @ 559%
*Member hired after 1/1/13 2.7% @ 5712.5%

*Based on 3 year average for final compensation.

Contact Information:

Website: https://my.calpers.ca.gov/
Telephone: (888) 225-7377


BENCOR

The BENCOR 401(a) FICA Alternative Plan (Plan) is a qualified retirement plan under Federal tax law that covers part-time, seasonal, and temporary employees of the City who are not covered by the California Public Employees’ Retirement System. The Plan provides an alternative benefit to Social Security and exempts you from FICA (Social Security) payroll taxes. You continue to pay Medicare taxes on your wages. Enrollment in the Plan is automatic for every employee who works in a position covered by the Plan. Employees contribute 7.5% of their wages on a pre-tax bases each pay period.

Contact Information:

Participant Portal: www.bencorplans.com
Telephone: (866) 296-9712



457(b) Deferred Compensation Plan

The City of Fontana offers a 457(b) deferred compensation plan through VOYA Financial to all our full-time and classified part-time employees. With a 457(b), you are able to defer a portion of your salary to lower your current federal and if applicable state income taxes, enjoy the opportunity for tax-deferred compounding of your assets, and potentially accumulate more for retirement than you would with an after-tax retirement savings plan because more of your money has the opportunity to work for you. 

Contribution Limits

  • The IRS annual contribution limit for 2023 is $22,500
  • Age 50+ Catch Up Limit: $30,000
    • Allows employees age 50 and above to defer an additional amount annually
    • In 2023, employees eligible to receive the 50+ Catch Up can defer an additional $7,500 for an annual total of $30,000
  • Pre-Retirement Catch Up Provision Limit: $45,000
    • Employees who are within 3 years of retirement may be able to participate in this provision which allows employees to defer an additional $22,500 for an annual total of $45,000. 
    • Employees interested in participating in the this provision should reach out to our VOYA representative to determine eligibility

457(b) City Matching Contributions

The City of Fontana offers 457(b) matching contributions to the following bargaining units:

457(b) City Matching Contributions
City Hall$100/month
Police Benefit Association$200/month
Police Officers Association$400/month


401(a) Plan

A 401(a) plan is a defined contribution plan that allows in which employers can make a contribution on an employee's behalf. With this type of plan, eligible employees are able to defer up to the IRS annual maximum into their 457(b) account.

The City of Fontana provides matching contributions to 401(a) plans for employees in the following bargaining units:

401(a) City Matching Contributions
ExecutivesOne-time payment per year as indicated in the Executive Benefit Management Schedule
Management Confidential$400/month
Police Management Association$500/month

Meet a VOYA Financial Advisor

  • Our VOYA Financial Advisor is available to assist you with making the best decisions for your financial plans as well as provide insight into achieving financial goals
  • Individual consultations are hosted at Human Resources once a month and employees will be notified via email
  • VOYA can also be contacted individually should an appointment be needed outside of their normal visit schedule

Contact Information:

 Website: www.voyaretirementplans.com
 Telephone: (800) 584-6001