Mandatory PTC 457 Plan
PTC (Part Time, Temporary or Contract) employees not covered by one of the City of San Jose's Retirement Systems, (Federated, Police and Fire, Tier 3, or CalPERS) and the City of San Jose are required to contribute to the PTC 457 per Federal regulations. Those enrolled in the PTC plan are required to contribute 3.75% of gross earnings for each pay period you work. The City of San Jose also contributes a matching amount of 3.75% into the plan. The funds contributed by the City are 100% vested upon initial deferral. For more details, please refer to the Plan Overview. (Note: you will be automatically enrolled in the plan upon hire)
Tier 3 401a Defined Contribution Plan
Employees hired into unclassified Unit 99 positions that have never been in one of the City's Retirement Systems are given the option to participant in the City's Retirement system or elect Tier 3. Those that elect Tier 3 are enrolled into the 401a Defined Contribution Plan. Those enrolled in the 401a plan are required to contribute 3.75% of gross earnings for each pay period worked. The City of San Jose also contributes a matching amount of 3.75 % into the plan. An Annual Investment Report is provided to the City Manager annually. For more details, please refer to the Plan Overview and Fact Sheet.
MANAGE YOUR ACCOUNT
Log in to your account: sanjose.beready2retire.com
- Account inquiries
- Investment allocation changes and/or transfers (for Tier 3 Plan only)
- Investment option performance history
- Beneficiary Designation Updates and verification
Voya's toll free telephone line, (800) 584-6001, features:
- Customer Service is available Monday-Friday 5:00 a.m. - 6:00 p.m. (Pacific Time).
- 24 hour, 7 day a week toll-free participant account balance information, investment allocation changes, and transfers (via an automated voice response system)
- Same day processing of fund transfers and investment allocation changes if the request is received in good order before the close of the New York Stock Exchange, generally 1 PM Pacific Time.
- Spanish speaking representatives are available
LEAVING CITY SERVICE?
If you are approaching retirement, or separating from the City, the Distribution Overview will help you understand the process. For further assistance please contact your local Voya representative.