December 6, 2023
Circular Letter: 200-050-23
Topic: Retirement Benefits

To: All CalPERS Employers

Purpose

The purpose of this Circular Letter is to inform you of the 2024 IRC 415(b) annual dollar limit. The 2024 limit has been increased from $265,000 to $275,000 for retirees aged 62 or older. The annual limit is reduced for people who retire under the age of 62.

Annual Invoice

Annual invoices, which cover the 2024 calendar year, will be issued in December 2023. The invoice due date is 30 days after the issue date of the invoice; however, paying your invoice in full by December 31, 2023, will ensure your retiree(s) receive payment on January 31, 2024, with no delay in their monthly benefits.

For additional information regarding the RBF invoice, you may access the RBF Invoice Detail Report in myCalPERS via the Cognos reporting tool.

RBF Contact Type

Your agency's system access administrator (SAA) is responsible for maintaining your agency’s contact information in myCalPERS. To provide a higher quality of service to our business partners and their former employees, the California Public Employees’ Retirement System (CalPERS) is requesting that your SAA create a primary RBF Administrator contact type. Creating and maintaining an RBF primary contact type will ensure Replacement Benefit Plan (RBP) updates are communicated to the correct point of contact who oversees the RBP for your agency. Keeping this information up to date enables CalPERS to communicate accurately and effectively with your agency.

Additional Resources

To learn how to access and use Cognos reports, refer to the myCalPERS Employer Reports (Cognos) Student Guide (PDF).

To learn how to create new and maintain existing contact types, refer to the myCalPERS System Access Administration Student Guide (PDF).

For more information, refer to the Replacement Benefit Plan Fact Sheet (PDF).

Questions

If you have questions, call our CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377888-225-7377).

 

Kimberlee Pulido, Chief
Retirement Benefit Services Division