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Erisa Retirement Plan For Investment Information In Santa Clara
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Multi-State
County:
Santa Clara
Control #:
US-001HB
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FAQ
The County of Santa Clara offers its eligible employees what is called a Defined Benefit Pension Plan through the California Public Employee Retirement System, known as CalPERS. A Defined Benefit Pension is one that provides retirees with a regular income after they depart from County service.
The California Public Employees' Retirement System (CalPERS) is the nation's largest public pension system, with more than 2 million members from California's state, school, and public agency employers .
UC has a reciprocal retirement agreement with CalPERS, California Public Retirees System. Reciprocity applies to retirement benefits only; health benefits into retirement are determined by the provisions of the individual plans.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".
The law limited benefits for anyone in a “non-covered” position unless they had 30 or more years of “substantial earnings” from a different job where Social Security taxes had been collected. (No matter your work history, Social Security has no impact on your CalPERS pension).
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
Look at Employer Contributions: If your employer contributes to the plan or matches your contributions, it's likely an ERISA plan. Consider Your Employer: If you work for a private company, your plan is more likely to be ERISA. Government and church employees typically have non-ERISA plans.
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
In general, retirement plans that are covered by ERISA are protected from creditors—and their lawsuits. A 401(k) is an ERISA-qualified plan, so it is likely protected if you get sued. There may be a few exceptions, such as charges brought by the federal government or if you allegedly wronged the plan.