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Retirement Programs

Arizona State Retirement System (ASRS)

In accordance with Arizona State Statute, all eligible employees participate in this plan in addition to Social Security.

 

The employees contribute 9.10% of their gross pay (pre-tax) for state retirement and 0.50% for long-term disability, which is matched by the City. Membership in the ASRS program will provide employees with a life-long pension upon retirement. If an employee chooses to withdraw the money upon separation from the City, the employee will receive what he/she has contributed plus interest. The employee will receive a portion of what the City has contributed, if the person has five or more years of credited service. See the table below:

 

Years of Credited Service

Percentage of City’s Contribution Employee Will Receive

5 – 5.9

25%

6 – 6.9

40%

7 – 7.9

55%

8 – 8.9

70%

9 – 9.9

85%

10+

100%

 

For more information, visit the Arizona State Retirement System web site.

 

 

Public Safety Personnel Retirement System (PSPRS)

In accordance with Arizona State Statute, all eligible public safety employees participate in this plan in addition to Social Security.

 

Public safety employees contribute 7.65% of their gross pay (pre-tax). The City pays 11.79% for Police employees and 9.17% for Fire employees. Membership in the PSPRS program will provide public safety employees with a life-long pension upon retirement. If an employee chooses to withdraw the money upon separation from the City, the employee will receive what he/she has contributed plus interest. The employee will receive a portion of what the City has contributed, if the person has five or more years of credited service. See the table below:

 

Years of Credited Service

Percentage of City’s Contribution Employee Will Receive

5 – 5.9

25%

6 – 6.9

40%

7 – 7.9

55%

8 – 8.9

70%

9 – 9.9

85%

10+

100%

 

For more information, visit the Public Safety Retirement System web site.

 

457 Deferred Compensation Plan

Employees with the City are eligible to participate in a voluntary 457 Deferred Compensation Plan offered by International City Managers’ Association (ICMA) or by Nationwide. The 457 plan allows employees to save pre-tax contributions through payroll deductions. Although the City does not match the employee’s contributions, the 457 plan offers many advantages:

 

Ø       Employees can reduce their current income taxes while boosting their retirement savings

Ø       Employees’ earnings accumulate tax-deferred

Ø       It’s portable - Employees can move their savings to another public sector employer’s 457 plan

Ø       Employees can dollar-cost average through convenient payroll deductions

Employees may enroll, make changes to, or cancel the 457 Deferred Compensation Plan at any time through Human Resources.

The maximum amount allowed for employees to contribute into a 457 Deferred Compensation Plan effective in 2007 is $15,500. There are provisions for “Catch-Up” where the maximum is increased to $20,500 per year, if the employee is over the age of 50, and if you are within 3 years of retirement, the Maximum Contribution amount raises to $31,000 per year.

 

For more information, visit the ICMA web site.

Last Updated: 8/8/2007


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City of Goodyear • 190 N. Litchfield Road • Goodyear AZ 85338 • Phone 623-932-3910 • Toll-Free 1-800-872-1749
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