Arizona State Retirement System (ASRS) FAQs
General
What is the Arizona Retirement System (ASRS)? Accordion Closed
ASRS is a 401(a) defined benefit (DB) plan which guarantees a certain dollar amount monthly, called a pension, for the rest of your life.
How do I set up my MyASRS account? Accordion Closed
With your MyASRS account you will be able to update your contact information, estimate your retirement benefits, view your account details contact ASRS directly.
- Visit myASRS online registration
- Provide the information requested
- Enrollment Code: 4UQ00059
- Select ‘Northern Arizona University’ from the drop-down list
- Follow the instructions provided
For registration assistance, call ASRS (800) 621-3778.
I already have an account with ASRS, how do I link my account with NAU? Accordion Closed
- Visit myASRS online registration but select “Existing Member”
- Provide the information requested
- Enrollment Code: 4UQ00059
- Follow the instructions provided
How do I designate my beneficiaries? Accordion Closed
Shortly after ASRS receives your first contribution you will be able to sign on to your MyASRS account and set up your beneficiary. Remember if you are a new ASRS member you have a 183-day waiting period before your contributions will begin.
Contributions
When will my ASRS contributions begin? Accordion Closed
ASRS contributions will begin effective:
- New Members: the first day of the pay period following a 183-day waiting period.
- 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.
Can I change or stop the percentage of ASRS contribution? Accordion Closed
No. The contribution rate is set by and subject to change by the ASRS board of trustees and is reviewed each fiscal year.
I am over age 65 and have never contributed to ASRS, do I have to contribute? Accordion Closed
In 2012, legislation was passed providing for an option for newly hired employees who are 65 or older and meet specific criteria to opt out of ASRS membership. To be eligible, a person must:
- Become employed after the person is at least 65 years old,
- Not be an active, inactive, or retired ASRS member,
- Not be receiving long term disability (LTD) benefits and,
- Not have any credited or prior ASRS service.
To opt-out, an eligible person must make the election in writing within 30-days of employment, not 30-days from becoming ASRS eligible (if different than the first day of employment). The election is irrevocable and constitutes a waiver of all benefits under ASRS.
Complete the 65+membership waiver form and return to nauhrbenefits@nau.edu in the first 30-days of employment.
Vesting
What does ‘Vesting” mean? Accordion Closed
Vesting refers to the requirement of service before “owning” all funds in your account. In the case of pre-retirement separation from NAU, you may withdraw or transfer vested contributions depending on when you became an ASRS member. View a video on vesting and ASRS.
When am I vested in my contributions? Accordion Closed
You are always 100% vested in your contributions.
When am I vested in NAU’s contributions? Accordion Closed
Vesting of your NAU contributions is based on when you were hired:
- If hired prior to 07/01/2011, you are partially vested after five years of service and fully vested after 10 years of service.
- If hired on, or after 07/01/2011, NAU’s contributions do not vest unless you separate due to involuntary reductions in force or position elimination.
ASRS Service
I worked at another ASRS employer for 5-years and when I left, I requested a refund of my contributions. How do I get back that service? Accordion Closed
The ASRS Service Purchase Program allows active members of the ASRS or members receiving benefits under the ASRS Long Term Disability Income Plan, to purchase past service time under specific qualified categories.
Purchasing additional service credit may increase your lifetime monthly benefit and/or qualify you for retirement at an earlier date. View service purchase information.
How do I purchase additional ASRS Service? Accordion Closed
The ASRS Service Purchase Program allows active members of the ASRS or members receiving benefits under the ASRS Long Term Disability Income Plan, to purchase past service time under specific qualified categories. Purchasing additional service credit may increase your lifetime monthly benefit and/or qualify you for retirement at an earlier date. View service purchase information.
Not all of my ASRS service is showing on my account, who do I contact? Accordion Closed
Contact ASRS at 800-621-3778
Normal and Early Retirement
When can I retire from ASRS and receive my full benefit Accordion Closed
Normal retirement is the earliest you can retire with a full benefit from ASRS. Requirements for normal retirement are based on when you were hired:
If you were hired prior to July 1, 2011
- Age 65
- Age 62 and 10 years of service
- 80 points (Age + Service)
If you were Hired on or after July 1, 2011
- Age 65
- Age 62 and 10 years of service
- Age 60 and 25 years of service
- Age 55 and 30 years of service
Note: Members can retire with a lifetime benefit as early as age 50 once they have 5 years of service.
Can I retire early? Accordion Closed
Members can retire with a lifetime benefit as early as age 50 once they have 5 years of service.
Because retirement benefits are based on “normal” retirement rules, a member who takes an early retirement will receive a reduced benefit for their lifetime.
When a member reaches normal retirement before filing for retirement, then they receive full benefits once a completed retirement application is filed and the desired retirement date is reached.
Where can I get an estimate of my benefit at retirement Accordion Closed
Log into your MyASRS account to get your personalized estimate. Visit the ASRS Estimate Your Benefits webpage.
If you leave the university and do not retire
If I leave the university what happens to my ASRS benefit? Accordion Closed
If you move to another ASRS employer and still meet membership criteria, your ASRS membership will continue with contributions being withheld at the same contribution rate. The ASRS has over 700 employer members, covering nearly all education and governmental organizations in the State of Arizona.
If you leave for a private-sector job, any other employment not covered by the ASRS, or will not be working at all, you can:
- Retire from ASRS if you are eligible, OR,
- Take a refund of your account and pay all taxes and penalties, OR,
- Rollover your funds to another qualified retirement program, OR,
- Leave your funds on account with ASRS and retire in the future or take a refund of vested contributions.
Visit refunding your account and terminating ASRS membership.
How long do I need to wait after I leave the university to request a refund of my ASRS account? Accordion Closed
You can request a refund of your ASRS at any point after your final paycheck at NAU is processed. Visit refunding your account and terminating ASRS membership.
Other Questions
Can I take a loan from my ASRS account? Accordion Closed
No. Under state law, active, contributing members are not allowed to withdraw, refund or borrow against their ASRS account.
Can I rollover my 401k account from a previous employer to my ASRS account? Accordion Closed
Not directly, they different types of retirement plans. ASRS is a defined benefit plan and a 401(k) is a defined contribution plan.
Contact ASRS for information on previous employer plans that may qualify for service purchase.
Can I still collect a retirement benefit even if I don’t live in Arizona (or another state) when I retire? Accordion Closed
Yes, you can collect ASRS pension while living in another state. However, the ASRS cannot make direct deposits to foreign bank accounts. Visit retiree miscellaneous information.
Financial Planning and Education
If I am enrolled in ASRS, can I meet with a financial planner? Accordion Closed
Yes, you can meet with a representative of any of NAU’s retirement vendors.
How do I make an appointment with a financial representative? Accordion Closed
Most of the retirement vendors come to NAU or hold virtual meetings monthly. Visit the financial planning page.
Can I participate in the webinars offered by an investment provider if I do not contribute to their plan? Accordion Closed
Any employee type can participate in the webinars offered but you must create a guest account. Visit the Vendor Contact webpage which includes the provider’s website address and customer service phone number.
What type of financial educational resources are available? Accordion Closed
The retirement providers offer both live and on-demand webinars on a variety of topics.
Fidelity
- View On-demand web workshops
- Tools and resources for current Fidelity participants
- Resources for non-Fidelity participants
TIAA
- Learn more about virtual counseling
- Visit TIAA.org/webinars to register or watch past presentations on demand.
- Explore available webinars
- Stay up-to-date with weekly market commentary
- How to handle the ups and downs of the market
Nationwide
Visit the 457 Learning Tools Index
ASRS
Still have questions??
Review additional FAQs on other Benefit plans or contact the Benefits Team at nauhrbenefits@nau.edu or call (928) 523-2223.