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As a result of pension reforms established by the Arizona Legislature, the Public Safety Personnel 457(b) Deferred Compensation and 401(a) Defined Contribution Retirement Plan (PSPDCRP) was created for eligible members of the Public Safety Personnel Retirement System (PSPRS) and the Corrections Officer Retirement Plan (CORP). Likewise, the Elected Officials Defined Contribution Retirement System (EODCRS) was created for eligible state and local elected officials.

The DC Plans were designed to provide tax-deferred retirement savings to eligible members, giving them an opportunity to save and build financial security. To oversee the DC Plans, PSPRS Board of Trustees appointed a Defined Contribution Committee, which works diligently to provide quality investment options at competitive institutional rates generally available to larger plans or organizations.

You can check out the PSRS Tier 1, 2 and 3 Plan provisions here. You can also look at the Corrections Officer Retirement Plan Tier 1, 2 and 3 Plan provisions.

This website is dedicated to the 457(b) and 401(a) DC Plans, provided by Nationwide®, under the direction of PSPRS.

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Public Safety 457(b) Deferred Compensation Plan

Your pension and Social Security may not be enough to cover your expenses in retirement. The Public Safety 457(b) Deferred Compensation Plan can help bridge the income gap in retirement.

Here are a few reasons to take advantage of one or both of these plans:

Contributions are automatically deducted, making saving easy
Contributions can be made tax-deferred or on an after tax basis
Full control over how your money is invested
Your money can stay in the plan even after separation from service
Access to Nationwide^® Plan Service Representatives up to and throughout retirement

Public Safety Tier 2 and 3 Members – Hybrid Plan for employees not covered by Social Security

Public Safety Tier 2 members, hired between 1/1/2012 and 6/30/2017, who do not contribute to Social Security and Public Safety Tier 3 members, hired on/after 7/1/2017, who elect to participate in the PSPRS Defined Benefit (DB) Plan and who do not contribute to Social Security, are required to contribute 3% of their pensionable wages to the DC Plan account. This account does not replace or change any existing PSPRS Defined Benefit (DB) Plan provisions, including pension, disability and survivor benefits, as this DC Plan is considered a supplemental retirement benefit.

Members always own their portion of the employee contributions and investment earnings and will earn “vested” ownership of employer contributions from this hybrid plan at a rate of 10% a year and are entitled to all employer contributions after 10 years in a PSPRS covered position.

Public Safety Tier 3 Members – Defined Contribution (DC Only) Plan

Public Safety Tier 3 members who elect to participate in the DC Plan rather than the Defined Benefit (DB) Plan, regardless of whether or not they contribute to Social Security, make a one-time irrevocable election of their contribution rate during their initial 90-day election period. That rate can be as low as 9% of the first $110,000 of their pensionable wages, or as high as federal guidelines for 401(a) plans allow. The default employee contribution rate is 9% and employers also contribute 9%. A participant’s contributions and earnings on those contributions are immediately vested. Employer contributions vest at a rate of 10% per year and entitled to all employer contributions after 10 years.

Members and employers also make a relatively small contribution each pay period to the PSPRS DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.

Participation in the DC Only Plan requires members to manage their DC Plan account and to carefully consider their investment options. Contributions will be invested in the appropriate target date fund for that member unless the member elects to have their contributions invested in one of the many other options.

Corrections Officer Tier 3 Members

Corrections Officer Tier 3 members who elect to participate in the DC Plan may contribute as low as 5% (default is 7%) or as high as the IRS limit, but the contribution rate they elect when they join the plan is unchangeable. Members always own their portion of the employee contributions and investment earnings and will earn “vested” ownership of the employer contributions at a rate of 25% after year one, 50% after year two, and 100% after three years, including all employer contributions and investment earnings.

Members and employers also make a relatively small contribution each pay period to the PSPRS DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.

Elected Officials (EODCRS) Members

Elected Officials members contribute 8% of their paycheck to their DC Plan account. Employers contribute an additional 6%. Both employee and employer contributions are immediately vested.

Members and employers also make a relatively small contribution each pay period to the Elected Officials DC Disability program; those contributions are sent to PSPRS and are not included in their DC Plan assets.

Additional Plan Resources

Public Safety Personnel Retirement System benefits for new members

PSPRS Defined Contribution Plans Additional Information