401(a) Deferred Compensation Plan

The City provides a 401(a) plan for eligible employees. This is a Supplemental Retirement Savings Plan (SRSP) through the Arizona State Retirement System (ASRS) and is administered by Nationwide Retirement Solutions.

The Supplemental Retirement Savings Plan is qualified under Section 401(a) of the Internal Revenue Code. The program allows eligible members to contribute tax-deferred money into an account that can be drawn upon in retirement.

To be eligible for this program, you must meet the following criteria:

  • Must be at least 30 years of age
  • Must be eligible for ASRS or PSPRS

Important Notes if you meet the above criteria:

  • There is a two (2) year window of opportunity to enroll as follows:
    • Upon inception of the plan (07/01/2008)
    • Upon date of hire if you are age 30 or older
    • Upon attaining the age of 30
  • Your election is Irrevocable. This means that you cannot make any changes to your contribution amount or end participation during your employment with the City.
    • If you do not elect the plan during your window of opportunity, you cannot join
    • Once elected, you cannot increase or decrease your contribution amount

You must complete an ASRS-Nationwide 401(a) ASRS Supplemental Retirement Savings Agreement.

Click here for additional information or go to www.azsrsp.com.