Pension Savings Plan


The Pension Savings Plan (PSP) is a non-qualified deferred compensation plan established under Internal Revenue Code Section 457 and City Administrative Code Division 4, Chapter 16. The Plan was established in December 1993 to provide a retirement-savings alternative to Social Security for certain City employees not eligible to participate in one of the City's three retirement/pension programs. Participation in this Plan is mandatory for those employees, including employees of the Department of Water and Power, who are not eligible to participate in one of the City's other retirement programs.

City employees may have a balance in the Plan if they are part-time, temporary or seasonal employees; if they formerly worked within one of those categories and have since transitioned to full-time status; and/or if they participated in Police Academy training in 1994 or later.

Participants who have account balances in the Plan and now are full-time employees may elect to, once they become participants in the Deferred Compensation Plan, roll-over Pension Savings Plan accounts to the Deferred Compensation Plan. Participants who have account balances in the Plan but have terminated City employment may take distribution of their account at any time.

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