- (602) 240-2000 – Phoenix
- (800) 621-3778 – Other
- Ryan Barton, Planning & Guidance Consultant
- (480) 322-9743
- Kevin Collins, Director, Financial Consulting
- Kevin.Collins@TIAA.org
- Amber Knickerbocker, Sr. Administrative Assistant
- Knickerbocker@tiaa.org
- (319) 356-8010
Primary Retirement Plan Comparison
Arizona State Retirement Plan (ASRS) &
Optional Retirement Plan (ORP)
Faculty and appointed staff have a choice between ASRS and the Optional Retirement plan. Eligible employees have 30 days to elect, if they do not enroll they are defaulted into ASRS. Enrollments\defaults are irrevocable.
ASRS Accordion Open
Who is Eligible
Required for all Classified Staff and Available to Appointed staff, Faculty and Service Professionals
Plan Type
A Defined Benefit Plan where your retirement benefit is clearly defined and calculated through a standard formula. The plan assumes the investment risk. Qualified under Internal Revenue Code 401(a).
Control of Investments
ASRS determines and monitors investments.
Retirement Benefits
You can receive a monthly benefit for life that is determined through the following formula:
- Total Credited Service (The period during which you are making contributions to ASRS) multiplied by
- Graded Multiplier (A percentage set by statute that is based on total years of service at retirement) multiplied by
- Average Monthly Compensation (Determined by one of two calculation methods)
View your personal estimated retirement benefit through your myASRS account.
Contribution Amount
For fiscal year 24-25, you and the University each contribute 12.27% of earnings on a pretax basis. The contribution amount can change each fiscal year.
Visit the ASRS Contribution Rates webpage for more information.
Vesting (Ownership of Contributions)
You are 100% vested in your own contributions.
University contributions Vesting applies upon termination and varies depending on when you started contributing to ASRS:
- If ASRS membership began prior to July 1, 2011: If you elect to withdraw contributions upon termination, you are partially vested in the University’s contributions after five years of ASRS participation and fully vested after 10 years. You may also leave contributions with ASRS and receive a pension when you meet retirement eligibility.
- If ASRS membership began on or after July 1, 2011: If you elect to withdraw contributions upon termination, you will not have access to the University’s contributions, only your own. You may also leave contributions with ASRS and receive a pension when you meet retirement eligibility.
Normal Retirement
Dependent on your ASRS membership
On or after July 1, 2011, normal retirement is:
- Age 65, or
- Age 62 with at least 10 years of service, or
- Age 60 with at least 25 years of service, or
- Age 55 with at least 30 years of service
Before July 1, 2011, normal retirement is:
- Age 65, or
- Age 62 with at least 10 years of service, or
- When the sum of your age and years of service equals 80 points
Long-term Disability
Coverage included with your retirement plan enrollment. Benefit of up to 66% of your pre-disability monthly earnings, reduced by some income from other sources. There is no maximum benefit limitation. You and the University each contribute 0.18% of pre-tax earnings for this coverage. This coverage is required as part of ASRS participation and is administered by Broadspire.
Distribution Options
At retirement: ASRS offer a variety of annuity options that provide a monthly benefit for life.
To qualify for retiree benefits including the Retiree Accumulated Sick Leave (RASL) Program retirees must take a reoccurring distribution from a state sponsored retirement plan.
At termination: The following distribution options are available if you separate employment from all ASRS employers:
- Obtain a refund of the vested portion of your account (see vesting section).
- Roll over contributions to an IRA or another qualified retirement account.
- Leave contributions with ASRS for a future pension benefit.
Visit the ASRS Retirement Annuity Options webpage for more information.
Retiree Health Care Benefits
Retiree medical and dental plans are available through the Arizona Department of Administration and ASRS. You are eligible for a health insurance premium subsidy as a retiree if you have at least five years of service in the ASRS plan. The amount of the premium subsidy ranges from $75 to $260 per month and is based on years of service and the coverage you select.
Visit the ASRS Health Care webpage for more information .
ORP Accordion Closed
Who is Eligible
Available to Appointed Staff, Faculty and Service Professionals
Plan Type
A Defined Contribution Plan where your benefit is determined by monies accumulated in your account and based on the market and your investment choices. Qualified under Internal Revenue Code 401(a).
Control of Investments
You select the investment company (Fidelity or TIAA) and determine how your contributions are invested. ABOR, ASU, NAU and UA monitor the performance of core investment options with the assistance of CAPTRUST, an independent investment research and advisory firm.
Retirement Benefits
Your retirement benefit is determined by the amount of the contributions deposited to your account and the performance of the investments selected. View the ORP Guide for information on investments offered.
Contribution Amount
You and the University each contribute 7% of earnings on a pretax basis.
2024 Compensation Maximum
- $505,000 – If enrolled on or before June 30, 1996
- $345,000 – If enrolled after June 30, 1996
Vesting (Ownership of Contributions)
You are 100% vested in your own contributions.
University contributions: Five years of retirement-eligible University employment is required to be fully vested in the University contributions. Prior to vesting, employer contributions for the ORP are held in a trust account. When you reach the five-year vesting requirement, the employer contributions are transferred to your ORP account.
Previous participation in ASRS will be applied to the vesting period for the ORP if there has not been a break in service. Prior ASRS contributions must remain with ASRS while actively employed and cannot be rolled into your ORP account.
Normal Retirement
Age 65
Long-term Disability
Coverage included with your retirement plan enrollment. Benefit of 66% of your first $10,000 of pre-disability monthly earnings, reduced by some income from other sources. This is University-paid coverage with no cost to you. This LTD coverage is administered by MetLife.
Distribution Options
At retirement: The following distribution options may be available upon retirement depending on your investment choices:
- Full or partial cash withdrawal
- Systematic withdrawal
- Interest-only payments
- Minimum distribution payments
- Lifetime annuity option
- Life expectancy option – Speak with a Fidelity or TIAA representative for more information.
To qualify for retiree benefits including the Retiree Accumulated Sick Leave (RASL) Program retirees must take a reoccurring distribution from a state sponsored retirement plan.
At termination: The following distribution options are available if you separate employment with the entire Arizona University System (UA, ASU, NAU):
- Withdraw all or some of vested funds.
- Roll over contributions to an IRA or another qualified retirement account.
- Leave contributions in your ORP account for a future benefit.
Retiree Health Care Benefit
Retiree medical and dental plans are available through the Arizona Department of Administration and ASRS. There is no health insurance premium subsidy available with the ORP. You may be eligible for a subsidy if you retire from ASRS with 5 years of service in the ASRS plan.
Visited the ASRS Health Care webpage for more information.