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Retirement & Deferred Compensation
Arizona State Retirement System
Employees are members of the Arizona State Retirement System (ASRS). ASRS is a state agency providing retirement benefits, long-term disability benefits and other benefits to employees of the state, counties, municipalities, universities and community colleges, school districts and other political entities.

Plans Available
In addition to the defined benefit retirement plan and long-term disability, ASRS administers a group health insurance program for retired and disabled members who do not participate in their former employer’s group health insurance plan. Several dental plans, which include vision benefits and eyewear discounts, are also available.

Vested Benefits
Required employee contributions to ASRS are matched by the City of Flagstaff. Members become vested after five years of service, entitling them to receive benefits at retirement age. Vested members who leave City employment may draw benefits at age 50. Retirement benefits are calculated by the following formula:

Retirement Benefits Calculation
Total credited service
The period of your employment during which you are a member making contributions to the ASRS - plus any service purchased and credited to your account. 
Multiplied by
Graded multiplier
A percentage set by statute. It is based on your total years of service of retirement.
Multiplied by
Average monthly compensation
Determined by one or two calculation methods - the 36 month or 60 month calculation.

For further information including the graded multiplier and month calculation, please visit the ASRS website.

Commissioned police and fire personnel are members of the Public Safety Retirement System. All employees, except commissioned fire personnel, contribute to Social Security.

Deferred Compensation
Benefit eligible employees may elect to contribute to either of two 457 Deferred Compensation retirement plans through payroll deduction, subject to an annual maximum. The plan is a supplement to the retirement plan provided by Arizona State Retirement System and Public Safety Personnel Retirement System.

Contributions are made through convenient payroll deductions, so your taxes are reduced each pay period. Our plan allows you to increase, decrease, stop and restart contributions as often as you wish, without fees or penalties, subject to the employer's approval.

If you are age 50 or older, or within three years of your normal retirement age and already contributing the maximum to the plan, you are allowed to make additional "catch-up" contributions.

The deferred compensation plan is portable. If you change jobs, you can consolidate your savings in another public sector employer's 457 plan, a qualified 401(k) or a 403(b) annuity plan, or a traditional IRA. If you retire or leave service, there is no penalty for withdrawals.

The City currently offers two deferred compensation plans through the following companies:
    Stephanie Downes - Retirement Plans Specialist
    1 (877) 439-1144
  • VOYA
     Kaity Wigman - Financial Representative
    (928) 853-0940

The representatives are on-site at City Hall occasionally for individual appointments with employees and retirees. Human Resources sends out announcements when appointments are available. Employees are encouraged to contact the representatives at any time with questions about your account, or to obtain information that may assist you in making decisions about your investments.