Office of Human Resources - Benefits Design & Management

ARIZONA STATE RETIREMENT SYSTEM (ASRS)

As one of a number of benefits, Arizona State University provides a retirement program. Participation in a retirement program is mandatory if you work at least 20 weeks in a fiscal year and 20 or more hours per week, as provided in Arizona Revised Statutes, Section 38-711.22 (b).

• ASRS is a defined benefit plan.
• Qualified under Internal Revenue Code 401(a).
• Participation in the retirement program begins on your first day of eligible employment.
• Employees currently contribute 8.95% of gross salary for retirement benefit and an additional .5% for long-term disability. Both deductions are taken every paycheck and the university matches both of these contributions.
• The retirement benefit you receive 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 your 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 to the HR Employee Service Center. * If you are eligible to choose the ORP but are electing ASRS instead, you must also complete the Election of Retirement Option Form.

RULES FOr an asrs retiree returning to work at asu (or any other asrs employer) (If you return to work with a non-ASRS employer, these rules do not apply)
		First Year of Retirement			After One Year of Retirement
		Normal Retirement	Early Retirement		Normal Retirement	Early Retirement
Less than 50% appointment (non benefit-eligible status)		No retirement participation permitted
50% or more appointment (benefits-eligible status)	If you continue to receive your ASRS pension	No retirement participation permitted *			May enroll in the ORP plan, if eligible.	No retirement participation permitted until normal retirement date is reached **
	If you suspend your ASRS pension	Must enroll in ASRS only			May enroll in either ASRS or, if eligible, the ORP plan	May enroll in either ASRS or, if eligible, the ORP plan
* Normal and Early Retirees: During the first year of retirement, you may work 20 or more hours per week for no longer than 19 weeks within each fiscal year. If you work more than that, your ASRS pension must be suspended and you must begin contributing to the ASRS plan again. ** Early Retirees: Until you reach your normal retirement date, you are allowed to work 20 or more hours per week for no longer than 19 weeks within each fiscal year. If you work more, your ASRS pension must be suspended and you must begin contributing to the ASRS plan again