How to Enroll<\/a><\/p>\n<\/div>\n\n Who is Eligible<\/strong><\/p>\n Required for all Classified Staff and Available to Appointed staff, Faculty and Service Professionals<\/p>\n Plan Type<\/strong><\/p>\n 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).<\/p>\n Control of Investments<\/strong><\/p>\n ASRS determines and monitors investments.<\/p>\n Retirement Benefits<\/strong><\/p>\n You can receive a monthly benefit for life that is determined through the following formula:<\/p>\n View your personal estimated retirement benefit through your myASRS<\/a> account.<\/p>\n Contribution Amount<\/strong><\/p>\n 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.<\/p>\n Visit the ASRS Contribution Rates<\/a> webpage for more information.<\/p>\n Vesting <\/strong>(Ownership of Contributions)<\/em><\/p>\n You are 100% vested in your own contributions.<\/p>\n University contributions Vesting applies upon termination and varies depending on when you started contributing to ASRS:<\/p>\n Normal Retirement<\/strong><\/p>\n Dependent on your ASRS membership On or after July 1, 2011, normal retirement is:<\/em><\/p>\n Before July 1, 2011, normal retirement is:<\/em><\/p>\n Long-term Disability<\/strong><\/p>\n 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.<\/p>\n Distribution Options<\/strong><\/p>\n At retirement:<\/em> ASRS offer a variety of annuity options that provide a monthly benefit for life.<\/p>\n 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.<\/em><\/p>\n At termination:<\/em> The following distribution options are available if you separate employment from all ASRS employers:<\/p>\n Visit the ASRS Retirement Annuity Options<\/a> webpage for more information.<\/p>\n Retiree Health Care Benefits<\/strong><\/p>\n 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.<\/p>\n Visit the ASRS Health Care<\/a> webpage for more information .<\/p>\n\n\n <\/body><\/html>\n\n <\/div>\n<\/div>\n\n \n Who is Eligible<\/strong><\/p>\n Available to Appointed Staff, Faculty and Service Professionals<\/p>\n Plan Type <\/strong><\/p>\n 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).<\/p>\n Control of Investments<\/strong><\/p>\n 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.<\/p>\n Retirement Benefits<\/strong><\/p>\n 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<\/a> for information on investments offered.<\/p>\n Contribution Amount<\/strong><\/p>\n You and the University each contribute 7% of earnings on a pretax basis.<\/p>\n 2024 Compensation Maximum <\/em><\/p>\n Vesting <\/strong>(Ownership of Contributions)<\/em><\/p>\n You are 100% vested in your own contributions.<\/p>\n 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.<\/p>\n 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.<\/em><\/p>\n Normal Retirement<\/strong><\/p>\n Age 65<\/p>\n Long-term Disability<\/strong><\/p>\n 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.<\/p>\n Distribution Options At retirement:<\/em> The following distribution options may be available upon retirement depending on your investment choices:<\/p>\n 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.<\/em><\/p>\n At termination:<\/em> The following distribution options are available if you separate employment with the entire Arizona University System (UA, ASU, NAU):<\/p>\n Retiree Health Care Benefit<\/strong><\/p>\n 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.<\/p>\n Visited the ASRS Health Care<\/a> webpage for more information. <\/p>\n\n <\/body><\/html>\n\n <\/div>\n<\/div>\n\n <\/div>\n\n\n\n
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