ASRS is a defined benefit plan qualified under Internal Revenue Code 401(a) that provides a monthly benefit at normal or early retirement.
- Classified Staff- You must participate in ASRS if you work 20 or more hours per week for at least 20 weeks during the fiscal year
- Appointed Staff and Faculty – You may elect to participate in either the Arizona State Retirement System (ASRS) plan or the Optional Retirement Plan (ORP). Your election must be made within 30 calendar days of eligibility, or you will be enrolled in ASRS.
You will be enrolled and your contributions will begin effective:
- New Members: the first day of the pay period following 183 days of continuous service.
- Current Members: at your date of hire if you have an active retirement account.
- Forfeited Members: at your date of hire if you forfeited your account less than two years ago.
Both you and NAU contribute to ASRS. Contributions cover the ASRS defined benefit plan, health insurance supplement and long term disability plan.
- 2019 Fiscal Year: 11.80%
- 2020 Fiscal Year: 11.94% ( effective July 1st, 2019)
Note: Contribution amounts are determined and set by the ASRS Board of Trustees each year and cannot be independently increased or decreased. If you would like to contribute additionally towards a retirement account you can do so through NAU’s supplemental retirement plans.
|Your Contributions||Northern Arizona University Contributions|
|You are always 100% vested in your own contributions||If you were hired |
In the case of pre-retirement separation from employment, your contributions that are vested may be rolled over to another qualified plan or refunded subject to tax laws. You also may leave your contributions on deposit for a future benefit.
Normal retirement is the earliest you can retire with a full benefit. The requirements for normal retirement are based on your hire date:
|Hired prior to July 1, 2011||Hired on or after July 1, 2011|
In some cases you may retire early and with a reduced benefit as early as age 50 and 5 years of service.