Employee Benefits Portal
RETIREMENT
Retirement is a big milestone and we understand that you may have many questions. Below is a checklist of items to consider as you go through the different stages of planning for your retirement.
During the process, if you have any questions or concerns, please do not hestitate to contact your Benefits team at HRBenefits@cityofpaloalto.org
- 01
Your monthly pension benefit is administered through CalPERS. CalPERS will help you with estimating your monthly pension, filing and processing your retirement paperwork, and much more.
Retirement Planning Checklist provides all the steps you need to consider when reviewing your pension options. This checklist will guide you through the process, provide resources, and give valuable information as you navigate through this journey.
- 02
Please contact your HR Benefits team to schedule an one on one consulation to review your benefits package.
We can meet in person, via phone or video conference. Please send an email to HRBENEFITS@CITYOFPALOALTO.ORG to setup an appointment.
- 03
- 04
City of Palo Alto Retiree Medical Benefit
You may be eligible for retiree medical reimbursement. Please contact HR, as listed in step 2, for further information
Medicare and Retirement
If you are eligible for premium-free Medicare Part A, CalPERS requires you to enroll in Medicare Part A and Part B, and then transfer into a CalPERS Medicare health plan to continue CalPERS health coverage. Medicare will become your primary insurance and the CalPERS medical plan will be the supplement plan to your Medicare coverage.
CalPERS and Medicare will reach out to you 3 months before your 65 birthday with the appropiate paperwork to start your application process.
You can learn more about the process by reviewing this CalPERS Medicare Enrollment Guide
You do not need to enroll in Medicare part D. CalPERS plan will supplement Part D.
To learn more about Medicare and how to apply, please click the links below
- 05
When you retire, you have full access to your 457 account. You are able to withdraw your funds, keep your money with your 457 provider or roll it over to another retirement savings account.
We recommned that you contact ICMA or Mass Mutual before retirement to go over your fund options and any changes you would like to make. Their information is below.
Mass Mutual
Patrick Washington:
888-593-0259
ICMA
Ray Ortiz
W: 888-883-8571
- 06
Upon retirement you have the option of extending Dental and Vision coverage for an additional 18 months through COBRA Coverage. You will get a COBRA packet mailed to your address on file when you retire.
- 07
If you are planning to supplement your CalPERS pension by working after retirement, you need to know there are specifc laws governing the type, timing, and amount of work you can accept without affecting your pension
Please review the Employment After Retirement booklet for more information