SPP 501–01: Retirement Programs
To define participation in and explain the types of retirement plans and benefits provided for eligible employees
29 United States Code § 621, Age Discrimination in Employment Act (1986) and amendments
Arizona Revised Statutes §§ 38–781.01 to .03, .07 to .10; –841 to –855; 15–1628
Arizona Board of Regents Policy Manual - 6–601; –604; –605
Regular and retirement-eligible employees
All eligible classified staff and university police officers over age 50 who are not members of the Public Safety Personnel Retirement System are required to participate in the Arizona State Retirement System (ASRS).
All university police officers, eligible police administrative employees, and eligible police service professionals who are under age 50 and are regularly assigned hazardous duty are required to contribute to the Public Safety Personnel Retirement System.
Both the employee and the state contribute to the plan as prescribed by law.
An eligible classified employee will begin to contribute to ASRS on the effective date of employment. An employee originally hired for a period that did not meet the 20-week and 20-hour criteria, but whose employment is extended, will begin to contribute to a retirement plan when he or she begins the 20th week of the fiscal year working 20 or more hours per week.
The plans in effect at the university are:
Arizona State Retirement System (ASRS)
The System—A defined contribution plan. Monthly retirement payments are calculated based on an annuity rate applied to an individual’s total deposit in the system. Provision for retirement begins at age 60. Normal retirement is age 65. This plan includes a subsidy for ASRS retirees who participate in State of Arizona Department of Administration or ASRS health/dental insurance. Retirees must have five years of credited service to be eligible for the subsidy.
Optional Retirement Plan (ORP)
Public Safety Personnel Retirement System
Options upon Termination under ASRS and ORP
Upon termination while under ASRS and ORP, an employee has the options to:
More information is available in the Arizona State Retirement System Member Handbook at http://www.asrs.state.az.us/members/memhb/index.htm.
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