Office of Human Resources - Benefits Design & Management

ARIZONA STATE RETIREMENT SYSTEM (ASRS)

ASRS Newsletters

These newsletters contain information
important to ASRS employer partners and
their employees.
www.azasrs.gov/web/Newsletters.do

As an ASU employee, you must participate in a retirement program if you work at least 20 weeks in a fiscal year and 20 or more hours per week (Arizona Revised Statutes, Section 38-711.22 (b)).

  • ASRS is a defined benefit plan qualified under Internal Revenue Code 401(a).
  • Participation begins on your first day of eligible employment.
  • Employees contribute 9% of gross salary for the pension and health insurance benefit and an additional .4% for long-term disability, totaling 9.4%. Both deductions are taken every paycheck and the university matches both contributions.
  • The retirement benefit is based on years of credited service, average monthly salary and actuarial formula.
  • Employees are immediately vested for their own retirement contributions.
  • Employees are partially vested in the university contributions after five years of ASRS participation, with full vesting in university contributions after10 years of ASU/ASRS participation.
  • Normal retirement is 80 points (your age + years of service with ASRS), age 62 with 10 years of service or age 65.  Employees may retire at age 50 with a minimum of 5 years of ASRS participation.

NOTE: Although participation in the retirement program begins on your first day of eligible employment, you MUST complete the ASRS Enrollment Form and ASRS Beneficiary Form within 30 days and submit it to the HR Employee Service Center. * If you are eligible to choose the ORP, but elect ASRS instead, you also must complete the Election of Retirement Option Form.

ARIZONA STATE RETIREMENT SYSTEM CONTRIBUTION RATES
Fiscal Year End
Retirement 401(a)
Health Insurance
Subsidy 401(h)
Long-term
Disability Insurance
TOTAL
2006
5.77%
1.13%
0.50%
7.40%
2007
7.55%
1.05%
0.50%
9.10%
2008
8.05%
1.05%
0.50%
9.60%
2009
7.99%
0.96%
0.50%
9.45%
2010
8.34%
0.66%
0.40%
9.40%


WORKING AFTER RETIREMENT FOR ASRS RETIREES


Any Arizona State Retirement System (ASRS) retiree who is considering returning to work for ASU or another ASRS employer should seek ASRS counsel before making any re-employment decisions.

MORE INFO
PHONE: 602.240.2000 | EMAIL: AskMac@azasrs.gov

Visit the ASRS website to get Working After Retirement (.pdf).