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The City of San Diego 401(k) Plan (the “Plan”), was adopted by the City of San Diego (the “City”) effective July 1, 1985 (the “Effective Date”). City of San Diego 401k and 401(a) Savings Plan is a defined contribution plan. You can find this document in the Forms section of the Claims Tool Kit.As long as there is more than $5,000 in your 401(k) account, you may leave your money in your account for as long as you want.You will receive a Notice of Continuation of Coverage to complete and return directly to the life insurance carrier within 31 days from the date your coverage ends.You may leave your money in your CalPERS 457 Plan account for as long as you want, there is no minimum account balance. New loans are not allowed once you have left City employment. You will receive an enrollment packet from your trust account administrator within 60 days of funding. Note, however, that due to the timing of your separation and when electronic files are sent to CalPERS/Voya, it may take between two to four weeks for CalPERS/Voya to have your separation documented in their system.As long as there is more than $5,000 in your SPSP account, you may leave your money in your account for as long as you want.No future contributions may be made after leaving City employment. They will be returned to you and that amount is not subject to ordinary income taxes (since they were taxed before being contributed to SPSP).With its great weather, miles of sandy beaches, and major attractions, San Diego is known worldwide as one of the best tourist destinations and a great place for residents to relax year round.Once you are no longer a City employee (retirees hired as provisional are considered termed employees for distribution purposes), you can have access to your 401(a) account. There is not an early withdrawal penalty associated with the CalPERS 457 Plan, as long as you have separated from City service, you may withdraw funds at any age without an additional tax penalty.It is recommended that you consult with a qualified tax advisor to determine whether a distribution of the City's contributions is subject to the early withdrawal penalty.If you are an SDCERS member and are planning on retiring, it is recommended that you contact SDCERS at 619-525-3600 six to eight weeks before you plan to retire for an appointment with a retirement counselor. Amendments and restatements of the Plan were adopted on August 7, 2000, January 27, 2003, January 26, 2009, and October 19, 2011. Transfers from the 457 plan are reportable to the IRS but not taxable in … certain early withdrawal penalties). In these instances, when received by the new plan, it assumes the new plan's rules (for example, early withdrawal penalties apply if funds are withdrawn from an IRA before age 59½). Employee voluntary contributions are not subject to early withdrawal penalties since they were made on an after-tax basis.After separation from City service, only pre-tax assets (employee contributions after Jan. 1, 2016, employer contributions, and all earnings) in the plan may be rolled over to over to either another employer plan (if allowed by the new plan) or an Individual Retirement Account (IRA). Mandatory tax withholding applies to all taxable distributions you receive, with documentation sent annually for tax return preparation.From neighborhoods and parks to streets and parking, find what you need in your community and report your concerns.Learn more about City government.No future contributions may be made after leaving City employment, with the exception of continuing loan payments. A request can be made to have all pre-tax funds rolled over and the post-tax funds (employee voluntary contributions) paid to you.Once you are no longer a City employee (retirees hired as provisional are considered termed employees for distribution purposes), you may begin distributions, at will, at any age without penalty. There is no required mandatory distribution necessary until age 70 ½ years of age (or actual retirement age if still actively employed by the City).