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Council adds PSPRS and ASRS 457 deferred-compensation options for employees
Summary
The council approved adding Public Safety Personnel Retirement System (PSPRS) and Arizona State Retirement System (ASRS) 457 deferred compensation plan options alongside existing plans to reduce transaction costs for employees and expand investment options.
The Sierra Vista City Council approved a resolution April 10 adding the Public Safety Personnel Retirement System (PSPRS) 457 and Arizona State Retirement System (ASRS) 457 deferred-compensation plan options for city employees in addition to existing plans.
Human Resources/Finance staff explained the change will give employees four options: the city’s existing Nationwide plan, ICMA, the PSPRS 457 option and the ASRS 457 option. Staff said transaction fees on the PSPRS/ASRS 457 plans are significantly lower (cited as 5¢ and 6¢ per transaction respectively) compared with the current Nationwide plan’s higher load, and that employees may transfer between plans using a form; no plans will be closed.
Council discussion included thanks to the fire personnel who raised the request and praise for staff work to add options. The council approved the resolution to add the PSPRS and ASRS choices; staff said employees who wish to change plans can do so administratively.
The action is administrative and expands employee retirement-plan choices without closing existing options.
