However, participants who meet certain requirements may be eligible for the following benefits: Normal retirement if hired on or after July 1, 2011.Within 30 calendar days, you will receive your initial election notice in your ASU email account.
Resignations or retirements received after May 15 will require you to reimburse ASU for any salary paid on your behalf. Long-term disability insurance benefits are included with this plan, and premiums are paid by the university.You are immediately vested in your contributions and become fully vested in the university’s contributions after five years of participation or immediately if you are the owner of a qualified retirement plan with higher education or research organization at the time of eligibility.For immediate vesting consideration, fax a copy of a recent account statement from your prior eligible employer’s retirement plan to 480-993-0008.
Follow all screen prompts to enter your personal information, establish your account and complete the election process. The packet items include the application, checklist, W-4, A-4 and if applicable, a voided check or letter from your financial institution.
Acknowledge and confirm your choice.
While actively employed, you may not borrow from or withdraw contributions from your account.Read the Local Board Rules and Regulations and Medical Requirements and complete the Acknowledgement of Receipt provided by Business and Finance. Your termination or retirement effective date is May 16. See the ORP guide for information regarding distributions upon termination or retirement or participation in the Phased Retirement Program. Within 30 days of receiving an email to your ASU email account with the subject line Important Mandatory Retirement Plan Information, complete the online enrollment process outlined below. 25 percent — at least 500 but less than 750 sick leave hours.Yes. This voluntary program is limited to contributing Optional Retirement Plan participants and is designed to allow participants to collect ORP benefits while working less than 100 percent FTE.No. Your contributions will automatically stop during the calendar year from one of the following items:If you reach the contribution limit during the year, your contributions will automatically resume on the first pay date of the following calendar year, at the same contribution amount that was in effect when the maximum was reached, unless you change it.If you are enrolled in more than one voluntary 403(b) plan, your combined contributions cannot exceed the annual limit. Allow two to three business days for verification of eligibility, completion of authorization or return or submission of authorized forms. Employees whose membership began on or after January 1, 2012, are eligible for retirement at age 52 1/2 with 15 or more years of service.
While actively employed in the Arizona University System, you may not borrow from or withdraw contributions from your account.
Contact your investment provider for forms and instructions.For employer rollover and withdrawal authorizations, fax your form to 480-993-0008 and allow at least two to three business days for verification of eligibility, completion of authorization and return or submission of the authorized form.All investments have management expenses associated with the operation of the fund. Visit phased retirement FAQs for more information.Learn about retiring from ASU, ending of ASU benefits, state-sponsored retiree health insurance options, life insurance options, vacation payouts, the Retiree Accumulated Sick Leave program, ASU retiree benefits and working after retirement rules.
Additional retirement options include Deferred Retirement Option Plan, also known as DROP, and disability retirement.
You contribute 7% of your gross salary through payroll deduction on a before-tax basis, and the university provides a 100% matching contribution. Faculty and staff who meet the eligibility criteria but who have an existing agreement to retire cannot rescind the existing agreement.You can reduce your workload and salary and make withdrawals from the Optional Retirement Plan for up to three years. All benefits election changes, additions and cancellations are subject to open enrollment and qualified life event rules. Basis points are used to calculate the costs for a financial instrument.
The ASRS proudly serves more than a half-million members, including more than 100,000 retired members. At this time, ASU is not set up to process either of these types of elections. If you already have enrolled in a State of Arizona retiree health insurance program, you can suspend your retiree health coverage and enroll in ASU health benefits.
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