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Deferred Compensation

Deferred compensation moves to Nationwide Jan. 11

In August, the City Council considered changes to the deferred compensation plan and adopted the recommendation to select Nationwide as our new deferred compensation provider.

Participants invested in a 457 plan will be transferred to Nationwide on Jan. 11, 2018. The transition period will be short and seamless.

Workshops will be held where you can learn more about the plans, receive one-on-one transition support and meet our Nationwide retirement specialists. Workshops held at the Water Campus are for Water employees only.

3 p.m. Thursday, Dec. 7: Civic Center Library — Auditorium (RETIREES ONLY)
10 a.m. Monday, Dec. 11: Civic Center Library — Auditorium
1 p.m. Monday, Dec. 11: Public Safety Headquarters — Arizona Room
6:30 a.m. Wednesday, Dec. 13: Water Campus — Hassayampa Room (WATER EMPLOYEES ONLY)
7:30 a.m. Wednesday, Dec. 13: Water Campus — Hassayampa Room (WATER EMPLOYEES ONLY)
10 a.m. Wednesday, Dec. 13: Mustang Library — Auditorium (RETIREES ONLY)
2:30 p.m. Tuesday, Dec. 19: North Corporation Yard — Wrangler Room
9 a.m. Wednesday, Dec. 20: Public Safety Headquarters — Arizona Room

For additional information, view the Nationwide Transition Brochure or the Nationwide Transition Presentation.

Overview

The city's deferred compensation program allows you to save and invest today for your retirement. Federal and Arizona state income taxes are deferred until your assets are withdrawn, usually during retirement when you may be in a lower tax bracket.            

Under Section 457 of the Internal Revenue Code, you may defer each year a maximum of 100% of your "gross compensation" or an annual dollar limit, whichever is less. The dollar limits are:

Year Contribution Limit
2017 $18,000

Participation in Deferred Compensation is handled through payroll deduction so your taxes are reduced each pay period.

Our plan allows you to increase, decrease, stop or restart contributions without fees or penalties.  Stopping your contributions occurs immediately.  Increasing or decreasing contributions will change on the first paycheck of the month following the date you sign the form.

The deferred compensation plan offers a wide array of investment options.  Investors may choose ICMA-RC's Vantagepoint Funds or other popular funds offered in a Mutual Fund series.  You may generally transfer your assets between funds without restriction.  However, some funds may limit your ability to conduct frequent transfers to protect the interest of other investors.

The city's ICMA-RC Representative is Randall Neis.  You may email him at rneis@icmarc.org or call him at (888) 883-8578.

For your convenience, you can schedule an appointmentlinks to external site online.

Contacts

  • Randall Neis, Retirement Plan Specialist
    ICMA-RC Services, LLC
    P: (888) 883-8578
    F: 480-460-3236
    Investor Services: (800) 669-7400
    email: rneis@icmarc.org
    website: www.icmarc.orglinks to external site
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  • plan document

457 Deferred Compensation Plan Document  (PDF)

FORMS

Produced by Human Resources:

This information represents a summary of benefits provided by the City of Scottsdale to benefited employees. Every effort has been made to report information accurately. All information, including the amount of any benefit and employee eligibility of benefits, is subject to and governed by the terms and conditions of the applicable policy or plan documents. In all cases where any of the information provided differs from the amount of benefit actually provided by the policy or plan, the terms of the legal documents will control.