Website: sanjose.beready2retire.com

Voya Phone:  (800) 584-6001

Need help?

Meet with your Voya local representative. Review your personal situation and get help in completing the enrollment paperwork.

On-line appointments now available!  https://csj.timetap.com/

Contact your local Voya representative to make an appointment:

For employees of the Airport, Human Resources, Police, Library, Parks, Recreation & Neighborhood Services, and Transportation

Peter Ng (408) 386-6061 peter.ng@voya.com

For employees of all other departments

Chad Galvan (408) 605-8866 chad.galvan@voya.com

• Plan Overview
• Investment Policy
• 457 Plan Document and Municipal Code Ch 3.48
• PTC Plan Document and Municipal Code Ch 3.50
• Direct Fees
• Indirect Fees

Before Enrolling in the plan, you should:

• Understand the plan features outlined in the Plan Overview.
• Review the Investment Options and understand the Investment Performance.

There are several ways to enroll in the plan. You can choose from any one of the following methods:

• As a New Hire, you will have the opportunity to elect enrollment via the eWay onboarding activity guide. That remains an option for 60 days past your hire date. 
• Anytime, if you do not enroll upon new hire, you may complete the EZ Enrollment Participation Form and submit to HRBenefits@sanjoseca.gov for processing.
  • In both cases, you will indicate deferral amount and designated beneficiary(ies). Your investment choice will be automatically set to one of the life-cycle portfolios based on your date of birth; however, investments can be changed at any time once enrolled by logging in to your account or calling Voya.
• Online Enrollment. You can complete the enrollment process online, including selecting your investment choices.

Via Web
Log in to your account: sanjose.beready2retire.com

• Account inquiries
• Contribution amount changes
• Investment allocation changes
• Transfers among investment options
• Investment option performance history
• Beneficiary Designation Updates and verification

By Phone
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

Self-Directed Brokerage Option

The Schwab Self Directed Brokerage Account(SDBA) is available to you as an additional investment option available through the City's Voluntary 457 Plan. This option gives you the freedom to invest a portion of your plan assets in a self-directed brokerage account that provides access to a wider array of investment choices, including open-end mutual funds, fixed income securities, exchange-traded funds (ETFs) and publicly traded stocks. For more information, please refer to the Self Directed Brokerage Account (SDBA) Flyer, Schwab Self Directed Brokerage Account Fact Sheet and Self Directed Brokerage Commissions and Service Fees informational flyers.

The annual contribution limit for 2024 is $23,000 ($23,500 in 2025). You can elect pre or post tax amounts to be deferred in flat amounts or as a percentage of your income. 

Need Help?  See How to make a contribution change flyer.

When will my change be effective? You can change or stop your contributions anytime. The Contribution Change Calendar will help identify what pay period your change will become effective.  

50+ Catch Up

This catch up program allows employees 50 or older the ability to defer an additional amount annually.  In 2024 the additional 50+ catch up amount is $7,500 (total of $30,500).  Employee limits are automatically updated in the City's payroll system within the year the employee turns 50; however, employees must log-in or call Voya to update contribution amounts to take advantage of this special program.

Special Catch Up

This catch up program allows employees who are within 3 years of retirement to defer up to two times the annual maximum for the 3 years preceding their separation/retirement from City service.  Eligibility must be determined prior to enrollment.  Please contact your local Voya representative to find out if and how much catch up you are eligible for.  The Catch-up Enrollment Form will then be submitted to Human Resources for processing. 

Military Service Catch Up Provision

The Uniformed Service Employment and Re-employment Act of 1994 (USERRA) provides members of the uniformed service with certain rights regarding employment, retirement and pension benefits, and health benefit coverage. USERRA protects employees who leave for and return from uniformed service within a five-year period, including the reserves of any of the U.S. Armed Services, if certain requirements are met. Missed contributions due to military service can be arranged for deposit into the Deferred Compensation Account after returning to City employment. Please contact your local Voya representative for further information.

There are two types of loans available; General Purpose and Residential. General purpose loans can be used for any reason and have a maximum repayment period of 5 years. Residential loans must be used for the purchase of your primary residence and have a maximum repayment period of 20 years. The City’s loan program allows for a maximum of one of each type of loan to be outstanding at any one time.

• What is the loan process?  Call Voya® at (800) 584-6001 to request a loan.  Voya customer service reviews your account and generates the paperwork based on your request and the terms of the City’s loan program. The paperwork can be mailed, faxed or electronically delivered for online access.  You review, complete and sign the loan documents. The documents can be faxed or mailed to Voya. Loan proceeds can be directly deposited or a check can be mailed. A confirmation statement including an amortization schedule is available online. Approximately two months following the distribution of the loan proceeds, the first loan repayment will be deducted from your paycheck.
• What else should I consider? 
  • Loan Program FAQs
  • Loans Could Be Dangerous
  • If you have a loan and are going out on an extended unpaid leave, complete the Leave of Absence Form before your last day of work to avoid defaulting on your loan payments.

In-Service Withdrawals

In-Service Distributions are allowed in accordance with the SECURE Act of 2019. The SECURE Act permits plan participants to take an in-service distribution at age 59½ for governmental 457(b) plans.  The availability of this distribution only applies to the City of San José’s 457 governmental deferred compensation plan. Please contact one of Voya’s representatives or Voya’s Customer Service Center at (800)-584-6001 to process such distributions.

Unforeseeable Emergency Hardship Withdrawals

Withdrawals from 457(b) deferred compensation plans are restricted by the Internal Revenue Code and Internal Revenue Service (IRS) rules. While you are employed, your employer may permit you to take a withdrawal from your 457(b) plan due to an unforeseeable emergency. All unforeseeable emergency withdrawal requests will be reviewed in accordance with the plan’s procedures for a determination as to whether the withdrawal is permitted. IRS guidelines, summarized below, will be used in making this determination. Call Voya® at (800) 584-6001 to request a Unforeseeable Emergency Withdrawals

Current participants leaving City service with paid leave balances may request to defer any applicable Vacation, Sick*, and Comp time.  You must complete the Leave Payout Deferral Form before your last day of employment if you want any leave payout to be deferred.

*Sick leave deferral is available ONLY to eligible to Tier 1 employees. Please see applicable Memorandum of Agreement for guidelines and limitations.

Voya representatives remain committed to helping you review your investment options, risk tolerance, and retirement objectives and goals. Review the Distribution Checklist to help compare options. Make an appointment today: https://csj.timetap.com/.  

If you are approaching retirement, or separating from the City, the Distribution Overview will help you understand the process.  For questions about a loan or to request a distribution, please contact Voya Customer Service at 1-800-584-6001.

Please note that if you are rehired as a retiree, you are not able to contribute or receive distributions from the plan.