Academic Affairs Manual (ACD)

Effective: 7/1/1978

Revised: 10/1/2001

ACD 607–03: Participation in a Retirement Plan

Purpose

To specify participation in the Arizona State Retirement System or the Optional Retirement Plan

Sources

Arizona Revised Statutes §§ 38–781.01 to –.03; –.07 to –.10; –841 to –855; 15–1628

Arizona Board of Regents Policy Manual - 6–602

Applicability

Faculty or academic professionals who:

1. are employed to work 20 hours per week (50 percent FTE) or more for any 20 weeks during the fiscal year

   and

2. are contributing to Social Security.

Policy

Faculty and academic professionals are required to contribute to one of the following retirement plans: the Arizona State Retirement System (ASRS) or the Optional Retirement Plan (ORP).

Faculty members or academic professionals and the state will contribute equally to the retirement plan chosen. The contribution rate to the ASRS and the ORP are subject to change July 1 each year as approved by the legislature.

Procedure

The faculty member or academic professional completes the appropriate retirement election form and the enrollment form for the plan selected at the time of employment processing and sends the original of both forms to Human Resources.

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