Benefits guide — Retirement

Benefits guide — Retirement


The university has a comprehensive retirement program to assist faculty and staff in accumulating wealth and ensuring financial security at the end of their careers. The program offers multiple retirement plans and free financial education on campus and retiree benefits when retiring from ASU.

Arizona statutes require all benefits-eligible employees to enroll in a mandatory retirement plan within the first 30 calendar days of their hire or eligibility date. Non-benefits-eligible employees may be required to participate if they work at least 20 hours per week for 20 weeks in a fiscal year. Exceptions may apply.  

The voluntary retirement plans are available to all ASU employees, including non-benefits-eligible employees, undergraduate and graduate student employees, and non-resident aliens. —

Financial education resources

Employees can schedule a personal one-on-one consultation anytime.

Fidelity Investment
ORP and 403(b) plans
800-642-7131
Tools and resources | Webcasts

Nationwide Retirement Solutions
457(b) plan
800-796-9753
Learning Center

TIAA
ORP and 403(b) plans
866-548-3705
Education and resources


Retirement advisor, login not required. 

kscheuri Mon, 04/30/2018 - 15:36

Mandatory retirement program

Mandatory retirement program

Arizona State University employees are required to participate in a retirement program if you work 20 or more hours per week for at least 20 weeks in a fiscal year, according to Arizona Revised Statutes, § 38-711.23 (b). Classified and university staff in category 01 must participate in the Arizona State Retirement System. Faculty, administrators, academic professionals and university staff in categories 02 to 05 are eligible to elect between the Arizona State Retirement System and the Optional Retirement Plan. Exceptions include postdoctoral scholars, undergraduate and graduate student workers, F1, J1, M1, Q1 visa holders. 

If you meet the following criteria and want to decline participation in the ASRS and ORP, complete the ASRS 65+ Membership Waiver Form and fax to HR Retirement at 480-993-0008 within one week of employment.

  • Age 65 or older.
  • Hired on or after Aug. 2, 2012.
  • Not an active, inactive, disabled or retired ASRS member.
smlewis6 Mon, 04/30/2018 - 16:59

Arizona State Retirement System

Arizona State Retirement System

Classified and university staff in category 01 must participate in the Arizona State Retirement System and are enrolled automatically. Faculty, administrators, academic professionals and university staff in categories 02 to 05 are also eligible to elect this plan. This is a defined benefit plan qualified under section 401(a) of the Internal Revenue Code. A formula set by the ASRS determines your pension. 

About ASRS  

  • Begins the first day of the pay period following 182 calendar days of eligible employment or immediately if you have an ASRS account with monies on deposit or were hired before July 20, 2011. ASRS retroactive contributions may be required.
  • Contribution rates shown below are subject to change each year on July 1.
  • Long-term disability insurance benefits are included with this plan.
  • Once you meet ASRS membership eligibility criteria in a fiscal year, you remain a member and contributions continue until the end of the fiscal year in which you become ineligible.
  • Participants with five or more years of credited service are eligible for a retiree health insurance subsidy.
  • Retirement contributions are withheld from your paycheck on a before-tax basis and long-term disability contributions are withheld on an after-tax basis.
  • While actively employed, you may not borrow from or withdraw contributions from your account.
Fiscal year
Contribution source
Retirement 
Long-term disability
Total
July 2016–June 2017 Employee and ASU 11.34% .14% 11.48%
July 2017–June 2018 Employee and ASU 11.34% .16% 11.50%
July 2018–June 2019 Employee and ASU 11.64% .16% 11.80%
July 2019–June 2020 Employee and ASU 11.94% .17% 12.11%
July 2020–June 2021 Employee and ASU 12.04% .18% 12.22%
July 2021–June 2022 Employee and ASU 12.22% .19% 12.41%
July 2022–June 2023 Employee and ASU 12.03% .14% 12.17%

Vesting

The ASRS does not have a vesting schedule. However, participants who meet certain requirements may be eligible for the following benefits:

  • Long-term disability.
  • Pension.
  • Premium benefit subsidy.
  • Retiree health insurance.
  • Service purchase.

Retirement
Participants are immediately vested in their own contributions but must meet the following criteria to receive a pension benefit. Read more about the ASRS pension benefit process.

Normal retirement if hired before July 1, 2011.
Normal retirement if hired on or after July 1, 2011.
80 points—your age plus years of service with ASRS Age 55 with 30 years of service
Age 62 with 10 years of service Age 60 with 25 years of service
Age 65 Age 62 with 10 years of service
Early retirement is at least age 50 with a minimum of five years of ASRS service. Age 65
  Early retirement is at least age 50 with a minimum of five years of ASRS service.

Working after retirement
Any ASRS retiree who is considering returning to work for ASU or another ASRS employer should be familiar with the return-to-work rules and seek ASRS counsel before making any re-employment decisions. Effective July 1, 2012, employers are required to pay an alternate contribution rate for any retired ASRS member who returns to work for an ASRS employer in any capacity regardless of the hours worked per week. The ACR is subject to change each July 1.

Refund of contributions and termination of membership
When you leave employment with all ASRS employers, you may request a refund of contributions and termination of membership in lieu of receiving retirement benefits. If you became a member of the ASRS on or after July 1, 2011 and choose to withdraw your funds, you will only receive your contributions and any accrued interest.

asoenair Wed, 07/24/2019 - 14:18

ASRS enrollment

ASRS enrollment

Faculty, academic professionals, administrators and university staff category 02, 03, 04 and 05

You will need to complete the online enrollment process outlined below within 30 days of your hire or eligibility date.  

  1. Log in to My ASU. 
  2. Select the Mandatory Retirement Election link in your To-Do list. You’ll automatically be directed to the mandatory retirement microsite, and a new browser will open. 
  3. Read and agree to the terms of use. 
  4. Read the overview and click on Get Started.   
  5. Select the radio button to participate in the Arizona State Retirement System. 
  6. Acknowledge and confirm your choice. Once you complete these steps, you cannot re-enter the microsite. 
  7. Complete the ASRS online registration process as outlined below.    

All employees enrolled in the Arizona State Retirement System

Online registration instructions

Complete this step as soon as possible to ensure contributions deducted from your paycheck are correctly applied to your ASRS retirement account, even if you already have an account with another ASRS employer.

  1. Visit ASRS online registration.
  2. Read and agree to the terms and conditions.
  3. Enter your last name, social security number, date of birth and ASU's enrollment code: 2C700039.
  4. Follow the remaining screen prompts. 

Registration gives you access to the following personal information in the ASRS system:

  • Beneficiary information.
  • Latest account statements.
  • Personalized benefit estimates.
  • Electronic communications from the ASRS.
     
asoenair Thu, 06/04/2020 - 15:09

Optional Retirement Plan

Optional Retirement Plan

Faculty, administrators, academic professionals and university staff in categories 02 to 05 are eligible to elect the Optional Retirement Plan, provided all steps in the enrollment process are completed within 30 calendar days of written notification. The ORP is a defined contribution plan qualified under section 401(a) of the Internal Revenue Code. This plan offers you a choice of investment providers and investment options to meet your retirement goals. Investment consultants are available to meet with you on your campus.

If you fail to complete all steps in the ORP enrollment process during the 30-calendar-day enrollment period, you will forfeit your option to choose the ORP and be enrolled in ASRS, which may include retroactive contributions.

If you are reclassified and become ORP-eligible for the first time following your initial hire or eligibility date, the 30-calendar-day enrollment period begins on the date of written notification. ASRS contributions will continue until you complete the ORP enrollment process and ORP participation becomes effective.

Your election is irrevocable for the duration of your continuous employment in the Arizona University System—Arizona Board of Regents, ASU, Northern Arizona University and the University of Arizona—as long as you remain employed in an ORP-eligible position.

Participation

Participation begins on the first day of the pay period following completion of all enrollment steps, provided you complete all steps within 30 calendar days of your eligibility. You contribute 7% of your gross salary through payroll deduction on a before-tax basis, and the university provides a 100% matching contribution. While actively employed in the Arizona University System, you may not borrow from or withdraw contributions from your account. Long-term disability insurance benefits are included with this plan, and premiums are paid by the university.

You may change ORP investment providers once per fiscal year. To change your provider, you must complete the Election of Retirement Option Form and establish an account with the new provider. Changes will be effective as of the first of the pay period following the completion of both steps.

Vesting

You are immediately vested in your contributions and become fully vested in the university’s contributions after five years of participation or reaching age 65, whichever occurs first. Prior to meeting five years of participation, ASU's matching contributions are held in a separate trust account administered by the university. If you separate employment before reaching vesting in ASU's portion, those funds are forfeit.

You may be immediately vested if you are the owner of a qualified retirement plan with a 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.  Immediate vesting will not be established until you furnish this statement.

ORP phased retirement program

This program allows vested ORP participants age 62 or older to gradually transition into retirement, with the consent of their deans or vice presidents. You can reduce your work schedule for a maximum of three years while supplementing your income with ORP withdrawals while employed. Any vested, age 62 or older ORP participant considering retirement should first review the phased retirement information.

Retirement 

Your retirement benefit is based on the performance of your investments. Your ultimate account balance is a result of the number of contributions deposited to the ORP account and the performance of your chosen investments.  

  • Early retirement is between ages 50 to 64.
  • Normal retirement is at age 65.
  • Phased Retirement may begin at age 62.

Schedule a one-on-one consultation with the following providers:

  • Fidelity, 800-642-7131.
  • TIAA, 800-732-8353 or 480-350-3265.

Working after retirement

Any ORP retiree who is considering returning to work for ASU should be familiar with the university’s return-to-work rules before making any re-employment decisions.

Withdrawals and rollovers

When you leave employment with all Arizona University System institutions or participate in the ORP Phased Retirement Program, you may withdraw or roll over all or a portion of your ORP account balance. Contact your investment provider for application forms and instructions.

To obtain employer authorization of withdrawals, fax your form to 480-993-0008. Allow two to three business days for verification of eligibility, completion of authorization or return or submission of authorized forms. View the ORP plan document for more details.

asoenair Wed, 07/24/2019 - 15:09

Optional Retirement Plan enrollment

Optional Retirement Plan enrollment

Within 30 calendar days of your hire or eligibility date, you must complete all steps in the ORP enrollment process. Read the Optional Retirement Plan Guide and select from one of the two available investment providers: Fidelity or TIAA.

Step 1

Complete the online enrollment process outlined below.  

  1. Log into My ASU.
  2. Click on Mandatory Retirement Election on your To-Do list. You’ll automatically be directed to the mandatory retirement enrollment portal; a new browser will open.
  3. Read and agree to the terms of use.
  4. Read the Overview and click on the get started button.  
  5. Click on the radio button to participate in the Optional Retirement Plan.
  6. Click on Fidelity Investments or TIAA, your chosen investment company.  
  7. Acknowledge and confirm your choice.  Once you have completed these steps, you cannot re-enter the enrollment portal. 

Note: If you want to change your plan election within 30 days of your hire or eligibility date, or change your investment provider, you must complete and submit an Election of Retirement Option Form and establish your account as outlined in Step 2 below.

Step 2

Establish an ORP account with your chosen investment company. The enrollment portal will automatically direct you to your chosen investment company’s enrollment website to establish your ORP account.  


Fidelity 

  1. Click the Start Now link in the middle of the page or the Step 3 box.
  2. Check the Optional Retirement Plan box and click the Enroll Now button. A new browser or tab will open.
  3. Enter your SSN. The Plan ID 67444 appears automatically. Do not enter a new Plan ID.
  4. Click the Continue button. 
  5. Follow all screen prompts to enter your personal information, establish your account and complete the election process. 


TIAA

  1. Click Ready to Enroll on the landing page.
  2. Select Arizona State University from the drop-down menu.
  3. Below the drop-down menu, click on the TIAA account.
  4. A new browser will open.
    1. Click on Register with TIAA if you do not have an account.  
    2. If you have an existing account through a prior employer, use your existing username and password.
  5. Enter your SSN, confirm your SSN, enter your date of birth and click the Continue button. The Access Code AZQ190 appears automatically.
  6. Follow all screen prompts to establish your account and complete the election process. 

Existing accounts

Please review the following information if you have an existing account with Fidelity or TIAA and follow the instructions.

  • If you already have an active ORP account with Fidelity or TIAA under ASU, the Arizona Board of Regents, Northern Arizona University or The University of Arizona, you do not need to establish another account online. Our staff will work with the other institution to transfer your ORP account to ASU.    
  • If you already have an account with either Fidelity or TIAA through another employer or individually, you must complete Step 3 to establish an ORP account under ASU.
  • If you already have an account with your chosen investment company, you are encouraged to contact them or log in to their participant secure website to update your address, beneficiary designation and investment allocations.
asoenair Wed, 06/03/2020 - 12:43

Public Safety Personnel Retirement System

Public Safety Personnel Retirement System

All ASU corporals, lieutenants, police officers, recruits and sergeants who are certified peace officers regularly assigned to hazardous duty and employed to work at least 40 hours per week for more than six months in a calendar year are required to contribute to the Public Safety Personnel Retirement System - Arizona Revised Statutes §38-842 - 24 and 31. Exception: PSPRS retirees receiving a pension.

PSPRS provides retirement benefits to Arizona’s public safety employees designed to meet the special needs of personnel engaged in hazardous duty situations.

Local board

The university has its own local board consisting of five members—three persons appointed by the Governor’s Office and two persons who are PSPRS members elected by ASU PSPRS members. The local board has the authority to determine membership eligibility and payment of benefits, including eligibility to receive disability payments in accordance with state statutes.

Participation

Participation is determined by your membership date with the PSPRS. Existing active members of the PSPRS will be automatically enrolled based on your membership date in their system.

asoenair Fri, 07/26/2019 - 11:37

PSPRS membership prior to Jan. 1, 2012

PSPRS membership prior to Jan. 1, 2012

After ASU submits your employment information to PSPRS, you will receive an email from PSPRS with enrollment instructions. Participation in the PSPRS defined benefit plan begins on your first day of eligible employment. PSPRS retirement contributions are calculated on eligible compensation and withheld from your paycheck on a before-tax basis. Long-term disability and cancer insurance benefits are included and premiums are paid by the university. 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. Complete the PSPRS Membership Form and Beneficiary Form. Submit all forms to the Office of Human Resources.

Fiscal year ending Contribution source Contribution rate
2019 Employee 7.65%
Employer 42.45%
2020 Employee 7.65%
Employer 44.17%
2021 Employee 7.65%
Employer 45.58%
2022 Employee 7.65%
Employer 46.67%
2023 Employee 7.65%
Employer 50.71%

Retirement

Eligibility to retire from the PSPRS varies depending on your membership tier. Employees whose membership began on or before December 31, 2011, are eligible for retirement after 20 years of service with no age minimum or at age 62 with 15 years of service. Additional retirement options include Deferred Retirement Option Plan, also known as DROP, and disability retirement. Contact PSPRS for more information.

Working after retirement

Any PSPRS retiree who is considering returning to work for ASU or another PSPRS employer should be familiar with the PSPRS return-to-work rules before making any re-employment decisions.

Effective July 2011, PSPRS employers are required to pay an alternate contribution rate to the PSPRS, if they employ a retired member in any capacity. The ACR is subject to change each July 1.

Refund of contributions and termination of membership

When you leave employment with all PRPRS employers, you may request a refund of contributions and termination of membership in lieu of receiving retirement benefits.

PSPRS resources 

asoenair Wed, 05/20/2020 - 12:38

PSPRS membership Jan.1, 2012 to June 30, 2017

PSPRS membership Jan.1, 2012 to June 30, 2017

After ASU submits your employment information to PSPRS, you will receive an email from PSPRS with enrollment instructions. Participation in the PSPRS defined benefit plan begins on your first day of eligible employment. PSPRS retirement contributions are calculated on eligible compensation and withheld from your paycheck on a before-tax basis. Contribution rates shown below are subject to change each July 1. Long-term disability and cancer insurance benefits are included and premiums are paid by the university. 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. Complete the PSPRS Membership Form and Beneficiary Form. Submit all forms to the Office of Human Resources.

Fiscal year ending Contribution source Contribution rate
2019 Employee 11.65%
Employer 42.45%
2020 Employee 11.65%
Employer 44.17%
2021 Employee 11.65%
Employer 45.58%
2022 Employee 11.65%
Employer 46.67%
2023 Employee 11.65%
Employer 50.71%

Retirement

Eligibility to retire from the PSPRS varies depending on your membership tier. 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. Additional retirement options include Deferred Retirement Option Plan, also known as DROP, and disability retirement. Contact PSPRS for more information.

Working after retirement

Any PSPRS retiree who is considering returning to work for ASU or another PSPRS employer should be familiar with the PSPRS return-to-work rules before making any re-employment decisions.

Effective July 2011, PSPRS employers are required to pay an alternate contribution rate to the PSPRS, if they employ a retired member in any capacity. The ACR is subject to change each July 1.

Refund of contributions and termination of membership

When you leave employment with all PRPRS employers, you may request a refund of contributions and termination of membership in lieu of receiving retirement benefits.

PSPRS resources

asoenair Wed, 05/20/2020 - 16:48

PSPRS membership on or after July 1, 2017

PSPRS membership on or after July 1, 2017

After ASU submits your employment information to PSPRS, you will receive an email from PSPRS with enrollment instructions. You will have the option to elect the PSPRS defined benefit plan or PSPRS defined contribution plan during your first 90 days of eligible employment. Your election is irrevocable for the duration of your career in Arizona. Participation in either plan begins in the pay period that includes your 91st day of eligible employment. PSPRS retirement contributions are calculated on eligible compensation and withheld from your paycheck on a before-tax basis. Enrollment in the defined contribution plan includes an accompanying Disability Fund. Contribution rates shown below are subject to change each July 1. Long-term disability and cancer insurance benefits are included and premiums are paid by the university. 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. Complete the PSPRS Membership Form and Beneficiary Form. Submit all forms to the Office of Human Resources.

Defined benefit plan    
Fiscal year ending  Contribution source  Contribution rate 
2019 Employee 9.94%
Employer 37.35%
2020 Employee 9.94%
Employer 39.03%
2021 Employee 9.94%
Employer 40.66%
2022 Employee 9.94%
Employer 42.74%
2023 Employee 9.94%
Employer 47.02%
Defined contribution plan and disability fund      
Fiscal year ending Contribution source Retirement contribution rate Disability fund contribution rate
2019 Employee 9% minimum 1.51%
Employer 36.41% 1.51%
2020 Employee 9% minimum 1.51%
Employer 38.09% 1.51%
2021 Employee 9% minimum 1.41%
Employer 39.72% 1.41%
2022 Employee 9% minimum 0.88%
Employer 41.80% 0.88%
2023 Employee 9% minimum 1.66%
Employer 46.08% 1.66%

Retirement

Eligibility to retire from the PSPRS varies depending on your membership tier. Employees whose membership began on or after July 1, 2017, are eligible for early retirement at age 52 1/2 with 15 years of service and for normal retirement at age 55 with 15 or more years of service. Additional retirement options include Deferred Retirement Option Plan, also known as DROP, and disability retirement.

Working after retirement

Any PSPRS retiree who is considering returning to work for ASU or another PSPRS employer should be familiar with the PSPRS return-to-work rules before making any re-employment decisions.

Effective July 2011, PSPRS employers are required to pay an alternate contribution rate to the PSPRS, if they employ a retired member in any capacity. The ACR is subject to change each July 1.

Refund of contributions and termination of membership

When you leave employment with all PRPRS employers, you may request a refund of contributions and termination of membership in lieu of receiving retirement benefits.

PSPRS resources

asoenair Wed, 05/20/2020 - 18:09

Voluntary retirement program

Voluntary retirement program

All faculty, postdoctoral scholars, staff and student workers—including non-FICA paying non-resident alien, full-time, part-time, hourly and temporary employees—are eligible to participate in the Arizona university system Voluntary 403(b) and-or the State of Arizona Deferred Compensation 457(b) plan. There is no employer matching contribution.

Each retirement plan—mandatory 401(a) plans, the 403(b) and the 457(b) plan—has a different IRS tax code. Employees can contribute up to the IRS maximum for each plan, and your contributions to one plan do not affect your contributions to another plan.

Preparing for retirement

Retirees spend on average 85% of their final after-tax earnings annually in retirement. To ensure your retirement readiness, financial experts encourage you to have a primary retirement plan, social security and another retirement savings vehicle.

Ask yourself: Am I saving enough for retirement?

Resources

asoenair Tue, 05/01/2018 - 12:47

Voluntary 403(b) plan

Voluntary 403(b) plan

The Arizona University System (AUS) Voluntary 403(b) plan is a tax-advantaged supplemental retirement savings plan allowed under the Internal Revenue Code. This plan does not include an employer match. Employees can enroll in the voluntary 403(b) plan through the NetBenefits website. The site is administered by Fidelity but is used for enrollment with both providers, TIAA and Fidelity.

Participants may defer a flat amount on a before-tax and Roth after-tax basis through payroll deduction. 

  • Before-tax contributions are withheld before federal and state income taxes are calculated, which reduces your taxable income. You pay income taxes only when funds are distributed. 
  • After-tax ROTH contributions are withheld after federal and state income taxes are calculated. Income taxes are not paid when funds are distributed, if qualified. 
  • Contributions may be made to both the before-tax and the Roth after-tax options at the same time.

Contributions

  • Contributions can be increased, decreased, stopped or resumed at any time. 
  • Minimum contribution is $5 per pay period; you can contribute up to as much as your take-home pay allows after taxes and deductions.
    • If you elect an amount that exceeds your take-home pay, no deduction will occur.
  • You may be eligible to make additional 403(b) contributions if you meet one of these provisions:
    • Under the Age 50 Catch-Up Provision, you will automatically be enrolled to contribute the allowed additional amount if you are at least age 50 during the calendar year. For the age 50 limits, refer to the IRS contribution limit table.
    • Under the 403(b) Plan Lifetime Catch-Up Provision (15-year rule), you may be eligible to contribute an additional $3,000 per calendar year, up to a maximum of $15,000, if you have at least 15 years of service and under-contributed to the Plan in prior years. To determine if you are eligible, contact your 403(b) provider – Fidelity or TIAA. 

Refer to IRS contribution limit table for details.

Your contributions will automatically stop during the calendar year from one of the following items:

  • Reach the basic annual contribution limit if you are under age 50.
  • Reach the automatic age 50 contribution limit if you are age 50 or older.
  • If eligible and enrolled, you reach the 15-year rule contribution limit.

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. If you work for multiple employers, it is your responsibility to ensure that our voluntary 403(b) plan contributions do not exceed the IRS annual contribution limits. These limitations are cumulative across all of your 401(k) and 403(b) plans.

Review the 403(b) contribution deadlines and pay dates to determine when your changes will appear on your paychecks.

Vesting

You are 100% vested in all contributions to the plan. Contact Fidelity at 800-642-7131 or TIAA at 800-732-8353 to schedule a one-on-one consultation about your retirement. 

Loans and hardship withdrawals

While actively employed in the Arizona university system, you may be eligible to borrow funds from your account or withdraw funds due to a hardship. Contact your investment provider for more information or to initiate one of these requests.

Rollovers and withdrawals

If you have an existing 403(b) or 401(k) account from a prior employer, the funds may be eligible to roll over into your ASU-sponsored 403(b) account. Transfers between before-tax and after-tax accounts are not permitted at this time.

While actively employed in the Arizona university system, you may be eligible to withdraw funds for one of the following reasons:

  • Age 59 ½ or older.
  • Hardship withdrawal
  • In-service exchange—transfer funds within the plan between TIAA and Fidelity.
  • Permissive service credit transfer—purchase service in the Arizona State Retirement System or another defined benefit plan.
  • You are or become totally disabled.

When you leave employment with all Arizona university system institutions, you may withdraw or rollover all or a portion of your AUS Voluntary 403(b) account balance. 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.

Fees and expenses

All investments have management expenses associated with the operation of the fund. Basis points are used to calculate the costs for a financial instrument. A basis point is a unit equal to 1/100 of one percent. For example, .01 percent cost equals one basis point. In addition, if you invest in mutual funds through the self-directed brokerage window, you may have load charges or 12b-1 fees to pay sales commissions and promotional costs. Annuities may have withdrawal or surrender fees. Approved investment providers may also charge a fee for hardship withdrawals or loans.
Be sure to ask your provider about all costs associated with each investment and transaction.

Investment options

The (AUS) Voluntary 403(b) plan offers an option of four tiers intended for participants with different levels of investment experience and dependent on your level of involvement in managing your investment mix. The investment options available include conservative, moderately conservative, and aggressive funds and are the same for both the before-tax and after-tax options. If you do not specify your investments at the time of enrollment, your Investment selections can be changed at any time.

Tier 1 Target retirement date funds
Tier 2 Passively managed investment options
Tier 3 Actively managed investment options TIAA annuities: Fixed or variable
Tier 4 Self-directed brokerage window option

To learn more or receive assistance with choosing investments for your portfolio, contact your investment provider directly.
Fidelity,  800-343-0860
TIAA,  800-842-2252

Resources 

403(b) contribution deadlines
Enrollment guide
Loan policy 
NetBenefits
Plan document
Plan information video
Tools and resources

asoenair Wed, 06/24/2020 - 16:40

Voluntary 457(b) plan

Voluntary 457(b) plan

This state of Arizona tax-favored voluntary retirement savings plan qualifies under section 457(b) of the Internal Revenue Code exclusively for public employees.

Employees can enroll in the voluntary 457(b) plan through the Nationwide website. Participants may defer a flat per pay period amount on a before-tax basis through payroll deduction. Before-tax contributions are withheld before federal and state income taxes are calculated, which reduces your taxable income. You pay income taxes only when funds are distributed. 

Note: Nationwide offers participants options to enroll in the after-tax ROTH plan and elect a percentage for their contribution. At this time, ASU is not set up to process either of these types of elections. ASU employees must elect the before-tax option and set a per pay period contribution amount.

Contributions

  • Contributions can be increased, decreased, stopped or resumed at any time. 
  • Minimum contribution is $10 per pay period, the maximum is subject to IRS contribution limits. 
  • You may be eligible to make additional 457(b) contributions if you meet one of these provisions:
    • Under the Age 50 Catch-Up Provision, you will automatically be enrolled to contribute the allowed additional amount if you are at least age 50 during the calendar year. For the age 50 limits, refer to the IRS contribution limit table.
    • Under the 457(b) Plan Double Limit Catch-up provision, if you are within three calendar years of retirement, you may be eligible to contribute up to double the basic annual limit. To determine if you are eligible, contact Nationwide.

Refer to IRS contribution limit table for details.

Your contributions will automatically stop during the calendar year for one of the following reasons:

  • If eligible and enrolled, you reach the Double Limit Catch-up provision contribution limit.
  • You reach the automatic age 50 contribution limit if you are age 50 or older.
  • You reach the basic annual contribution limit if you are under age 50.

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.

Contact Nationwide for the following items:

  • Establish a new account and designate your per-pay-period contribution amount.
  • Increase, decrease, stop or resume contributions.
  • Request a withdrawal of contributions.

Schedule a one-on-one personal consultation. Visit Nationwideonline for all four campuses. 

Vesting
You are 100% vested in all contributions to the plan.

Loans and hardship withdrawals
While actively employed in the Arizona university system, you may be eligible to borrow funds from your account or withdraw funds due to a hardship. Contact Nationwide for more information or to initiate one of these requests.

Withdrawals, and rollovers
While actively employed with a participating state of Arizona employer, you may be eligible to withdraw funds for one of the following reasons:

  • You have a disability.
  • You need funds for an unforeseen emergency.
  • You want to purchase service credits in a governmental defined benefit plan.

When you leave employment, you may withdraw or rollover all or a portion of your 457(b) account balance. Contact Nationwide for forms and instructions.

Resources

Enrollment self-service
Learning center
Plan contacts
 

asoenair Thu, 06/25/2020 - 09:24

IRS contribution limits

IRS contribution limits

Arizona State Retirement System

The IRS limits the amount of annual compensation subject to Arizona State Retirement System contributions. When the limit is reached, contributions must stop for the remainder of the fiscal year.
ASRS contribution limit charts hired before Jul. 1, 1996 | hired on or after Jul. 1, 1996.

Optional Retirement Plan

Two IRS limits apply to the Optional Retirement Plan: 

  • 415 limit: Total employee and employer contributions may not exceed the annual limit. 
  • Compensation limit: Contributions must stop when earnings reach the annual limit.

Effective Jan. 1, 2016, both limits are tracked by the calendar year, Jan. 1 to Dec. 31. The lower of the two limits will apply. When the limit is reached, contributions must stop for the remainder of the calendar year.
ORP contribution limit charts hired before July 1, 1996 | hired on or after July 1, 1996.

Voluntary 403(b) and 457(b) deferred compensation

These limitations are cumulative across all of your 401(k) and 403(b) plans. If you work for multiple employers, it is your responsibility to ensure that your voluntary 403(b) plan contributions do not exceed the IRS annual contribution limits. You may also contribute the maximum to the 457(b) deferred compensation plan. The same rules for the 403(b) plan also apply to the 457(b) plan.

If you are age 50 or older, you are automatically eligible to make catch-up contributions of an additional $6,500 in 2022 to both your 403(b) and 457(b) plan for a total of $27,000 each.
 

Basic contribution of annual limits   Automatic catch-up contribution annual limits for participants age 50 and older
2017 $18,000 $6,000 | total basic and catch-up $24,000
2018 $18,500 $6,000 | total basic and catch-up $24,500
2019 $19,000 $6,000 | total basic and catch-up $25,000
2020 $19,500 $6,500 | total basic and catch-up $26,000
2021 $19,500 $6,500 | total basic and catch-up $26,000
2022 $20,500 $6,500 | total basic and catch-up $27,000

 

asoenair Fri, 01/31/2020 - 11:43

Phased retirement

Phased retirement

The phased retirement program is available for contributing Optional Retirement Plan participants who meet the following criteria. Faculty and staff who meet the eligibility criteria but who have an existing agreement to retire cannot rescind the existing agreement.

  • At least 62 years old.
  • Fully vested in the Optional Retirement Plan
  • Sign an irrevocable, written legal agreement and release with ASU.

Phased retirement program benefits

You can reduce your workload and salary and make withdrawals from the Optional Retirement Plan for up to three years. A reduced workload will give you the opportunity to spend more time with your family and friends or pursue your favorite leisure activities. Your reduced work schedule is subject to negotiation and agreement between you and your dean or vice president.

You and your dean or vice president must decide together, based on the academic and business needs of your department, how much you can reduce your work schedule.  In your written agreement, you must document the dates and percentages of your reduced work schedule. You can specify different percentages for different periods of your phased retirement. The standard range will vary between 50 percent and 95 percent time full-time equivalent.

Important note: If you reduce your schedule to below 50 percent FTE, you will lose your group insurance benefits, stop contributing to the ORP at the end of the fiscal year, lose the opportunity to apply for the Retiree Accumulated Sick Leave Program and not be eligible to retire from ASU. To retain group insurance benefits, apply for RASL, continue contributing to the ORP and retire from ASU, you must work at least 50 percent FTE.

Phased retirement duration

You may request up to a maximum of three years. The length of the phased retirement is subject to negotiation and agreement between you and your dean or vice president. The terms are irrevocable after you sign an agreement. However, if a participant and their dean or vice president mutually agree to either accelerate retirement or amend the reduced work schedule, the agreement can be altered. This option allows for unforeseen circumstances such as a change in health or the ability to fulfill the responsibilities of the negotiated phased retirement period.

Contact your dean or vice president as soon as possible if you need to accelerate your retirement date or amend your reduced work schedule, so the change does not adversely affect your department.

Faculty or academic professionals

Tenured faculty or academic professionals with continuing status irrevocably relinquish all status rights at the end of the phased retirement period. These types of employees will continue to be subject to regular employment contract renewals during the phased retirement period. Participation in the phased retirement program does not create a guarantee or implied agreement of continuous employment.

Benefits during phased retirement 

How do I withdraw from my Optional Retirement Plan account?

Please allow 10 business days for your agreement to be submitted to Human Resources. Then you can contact your investment company to begin withdrawals. It could take several weeks for the investment company to process withdrawals. Please budget accordingly.

Do I have to continue to contribute to the Optional Retirement Plan during the phased retirement period?

Yes, if you are appointed 50 percent or more FTE. Both employee and employer contributions continue until your retirement date in accordance with Arizona Revised Statutes §15-1628C and the Optional Retirement Plan. Both contributions—your 7 percent and the ASU matching contribution—will be calculated on your reduced salary.

Will I continue to receive benefits during my phased retirement?

Yes, if you are appointed at 50 percent or more FTE, you may continue or elect participation in all ASU, ABOR and State of Arizona benefits plans—medical, dental, vision, basic and supplemental life, short-term and long-term disability, flexible spending accounts, reduced in-state tuition and other voluntary benefit plans (such as home/auto and long-term care). All benefits election changes, additions and cancellations are subject to open enrollment and qualified life event rules. 

Your disability and life insurance benefits will be based on your reduced salary.

Am I allowed to contribute to the voluntary retirement plans?

Yes. You may continue or begin participating in the Arizona University System Voluntary 403(b) Plan and/or State of Arizona 457(b) Deferred Compensation Plan.  You also can change your per-pay-period contributions to these plans.

Does phased retirement affect my sick and vacation leave accruals?

Yes, accruals will be pro-rated, based on your reduced FTE. 

How does phased retirement affect my benefits under the Retiree Accumulated Sick Leave Program?

As long as you remain at 50 percent or more FTE, it does not affect the hourly rate of pay used to calculate the benefit; however, you will accrue sick leave at a reduced rate.  

RASL formula:
Multiply your calculated hourly rate at the date of retirement by the number of unused sick leave hours (500 to 1,500 hours) at retirement. Then multiply that number by one of the following percentages:

25 percent — at least 500 but less than 750 sick leave hours.
33 percent — at least 750 but less than 1,000 sick leave hours.
50 percent — at least 1,000 up to the maximum of 1,500 sick leave hours.

If I am eligible for vacation, will my reduced work schedule affect my vacation payout upon retirement?

Yes. ASU bases the cash payment for accrued vacation leave on your current rate of pay and reduced accrual rate (determined by FTE) upon termination. You are encouraged to use your vacation during your phased retirement period.

Will I be eligible for retiree health insurance at the end of the phased retirement period?

Yes, as long as you satisfy the eligibility requirements for the State of Arizona retiree health insurance programs.

Arizona State Retirement System

Are ASRS participants eligible for this Phased Retirement Program?

No. 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.

If I contributed to ASRS prior to joining the Optional Retirement Plan, will I be able to begin collecting ASRS benefits during the phased retirement period?

No. You only can begin distributions from ASRS (current system and previous plan) as defined under the plans when you terminate or retire from all ASRS participating universities and employers.

I am currently an ASRS participant but have an ORP account.  Am I eligible for the Phased Retirement Program?

No. Only active Optional Retirement Plan participants are eligible.

Return to work after phased retirement 

Am I allowed to work for ASU after the phased retirement period ends?

There is no guarantee of future employment after your formal retirement date, but the program does allow Optional Retirement Plan participants to return to work after retirement if positions are available. However, to protect the tax-deferred status of the retirement plans, it is imperative that no oral, written or implied agreement is made to work after retirement before the retirement date.

More info: ASU Return-to-work Rules
Note: If you also are collecting ASRS pension benefits, you will be subject to ASRS Return-to-work Rules.

If I return to work after my phased retirement period, will ORP distributions continue?

Yes, as long as distributions began before your return-to-work date.

If I return to work after my phased retirement period, will I be allowed to contribute to the ORP or ASRS retirement plans?

If you return to work at 50 percent or more FTE with the intent to work at least 20 weeks in the fiscal year, you must contribute to a mandatory retirement plan. This assumes you are not collecting ASRS pension benefits. View retirement eligibility information.

If I am collecting ASRS pension benefits and return to work after my phased retirement period, am I allowed to contribute to the ORP or ASRS retirement plans?

You cannot contribute to the ASRS if you are receiving pension benefits, but you have the option of contributing to the ORP. Any Arizona State Retirement System retiree who is considering returning to work for ASU or another ASRS employer should review the ASRS return-to-work rules and seek ASRS counsel before making any re-employment decisions. Call 602-240-2000 if you need assistance. 

Will I be able to participate in the benefits program at ASU if I return to work?

Yes, as long as you are appointed at least 50 percent FTE for at least 90 days, you can participate in all ASU, ABOR and State of Arizona benefits plans: medical, dental, vision, basic and supplement life, short-term and long-term disability, flexible spending accounts, reduced in-state tuition and other voluntary benefits plans such as home or auto and long-term care.

May I re-enroll in the employee health plan if I have chosen the retiree health coverage?

Yes. 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. When you retire again, you must re-enroll in a State of Arizona retiree health insurance program within 31 days of your new retirement date.

Resources

 

Fidelity,  800-343-0860

HR faculty services, 480-727-9900

ORP Phased Retirement Program Process, 

TIAA-CREF,  800-842-2252

asoenair Thu, 08/01/2019 - 14:20

Retiring from ASU

Retiring from ASU

Multiple retirement plans, financial education and benefits are available to faculty and staff eligible for benefits. ASU offers pre-retirement meetings and review sessions to help guide eligible employees preparing to leave an active work life.

Eligible ORP participants can transition into retirement by participating in the ORP phased retirement program. Visit phased retirement FAQs for more information.

ASU retirement eligibility

  • Be at least age 50 or age 41 if you are a Public Safety Personnel Retirement System member.
  • Complete at least five years of continuous, full-time employment in the Arizona University System immediately preceding retirement.
  • Not have been involuntarily terminated from employment by the university for cause.
  • Receive a retirement annuity under an Arizona university-sponsored retirement program.

Retirement preparation

Attend a finalizing your retirement meeting.

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. Retirement income information is not provided at these meetings.

ASRS and ORP participants must contact their retirement provider. PSPRS participants should call HR Employee Services 855-278-5081 or send an email.

Faculty, academic professionals on academic-year appointments not returning in the fall

Regardless of your pay schedule— academic or fiscal — your last day of employment is May 15.  Your termination or retirement effective date is May 16. Fiscal pay contracts will be paid out.  Employees on an academic pay schedule are reimbursed pre-collected benefits deductions upon separation from employment. 

Important: Requests for termination dates for tenure-track, tenured and multi-year faculty, and continuing-track, continuing-status and multi-year academic professionals after May 15 require that your summer salary be paid from grant funds or some other funding source using appropriate employee-related expense rates and you have received approval from the Provost’s Office by May 1.

Resignations or retirements received after May 15 will require you to reimburse ASU for any salary paid on your behalf. Failure to make reimbursements in a timely manner will be subject to collections.

If you will be working all summer or a portion of it, then your benefits will remain active until the summer position and benefits-eligible positions are terminated. Your pre-collect dollars will be used to cover your benefits during this timeframe. 

Retirement resources

Arizona State Retirement System member education 

Finalizing your retirement presentation.

Optional retirement plan 

  • Fidelity,  800-343-0860
  • TIAA, 800-842-2776
  • VALIC, 800-892-5558, x89005

Public Safety Personnel Retirement System requires local PSPRS board approval.

asoenair Fri, 08/02/2019 - 14:34

Working after retirement

Working after retirement

Under the IRS regulations that govern all tax-deferred retirement plans, there can be no oral, written or implied agreement to work after retirement made before your retirement date. Before you retire, please ensure that you understand the post-retirement employment requirements for your specific retirement plan.

Important: Compliance is required to protect the tax-deferred status of the retirement plans. Review plan withdrawals rules for mandatory and voluntary retirement plans. Ask HR if you have any questions.

Retirement plan The period between retirement and rehire.  Plan rules
Arizona State Retirement System  One full pay period and compliance with ASRS rules  ASRS plan rules 
Optional Retirement Plan 

Faculty and academic professionals: One full semester.

Staff: 90 days. 

ORP guidelines 
ORP phased retirement program 
Public Safety Personnel Retirement System 60 days or one year, plus compliance with PSPRS rules.  PSPRS plan rules 
asoenair Thu, 08/01/2019 - 14:44

Retirement plan withdrawals

Retirement plan withdrawals

Participants separating from employment:  We recommend that you request a withdrawal from your retirement plan(s) after contributions withheld from your final paycheck have been posted to your account.

Arizona State Retirement System

This mandatory retirement plan does not allow in-service withdrawals while employed at an AZ state university or employer that offers ASRS to its active employees.    

See ASRS for information regarding distributions upon death, termination or retirement.

Optional Retirement Plan

This mandatory retirement plan does not allow in-service withdrawals while employed at an Arizona University System institution—ABOR, ASU, NAU or UA, unless there is a fully executed ORP phased retirement program agreement. For additional information visit Phased Retirement FAQs.  

See the ORP guide for information regarding distributions upon termination or retirement or participation in the Phased Retirement Program. Beneficiaries must contact the investment provider or a tax advisor for more information regarding inherited defined contribution plans. Plan administrator approval is required for distributions.

Please allow 5 to 7 business days for approval after submitting your request to one of the four options listed below:

Fax:  480-993-0008

Campus mail code 1304

U.S. mail 
ASU, Attn: HR Retirement
PO Box 871304
Tempe AZ 85287-1304

Hand Delivery or Overnight Mail
ASU, Attn: HR Retirement
Tempe University Center, UCNTRA
1100 E. University Dr., Building A
Tempe, AZ 85281

Public Safety Personnel Retirement System

This mandatory retirement plan does not allow in-service withdrawals while employed at an Arizona university or employer that offers PSPRS to its active, eligible employees.

See PSPRS for information regarding distributions upon death, termination or retirement.

Voluntary 403(b) plan

For an in-service withdrawal, please contact your investment provider and allow 7–10 business days for processing.

You can withdraw money for the following reasons:

  • Are at least 59 ½ years old.
  • Are or become totally disabled.
  • Initiate a loan from your account while actively employed.
  • Need funds for a qualified hardship withdrawal such as a funeral, education or medical expenses; buying a primary residence; preventing eviction or foreclosure on your primary residence while actively employed.
  • Want to initiate a permissive service credit transfer.

Important: Loans and hardship withdrawals are available only from 403(b) accounts held with Fidelity or TIAA and only by actively employed participants. Participants separated from employment cannot initiate a loan or request a hardship withdrawal. Active participants may have one loan for general purposes and one loan to purchase a primary residence outstanding at a time.

  • Distributions upon death, termination or retirement from all Arizona University System institutions—ABOR, ASU, NAU, and the UA—are available:
  • Beneficiaries: Contact the investment provider or a tax advisor for more information regarding inherited defined contributions plans.
  • Transfer your account balance to another tax-advantaged plan that accepts rollovers.
  • Receive systematic or partial withdrawals.
  • Take a lump-sum distribution.
  • Defer distributions until a later date (but no later than the attainment of age 70½) allowing your account to continue to grow tax-deferred.
Legacy vendor accounts  
Allow 7 to 10 business days for approval after submitting a request for withdrawal.
Fax your request to 480-993-0008 or send campus interoffice and use mail code 1304. 
 
U.S. mail
ASU, Attn: HR Retirement
PO Box 871304
Tempe AZ 85287-1304
Hand delivery or overnight mail
ASU, Attn: HR Retirement
Tempe University Center, UCNTRA
1100 E. University Dr., Building A
Tempe, AZ 85281

457(b) Deferred compensation plan

This voluntary retirement plan allows some in-service withdrawals. Distributions are available upon death, termination or retirement from all Arizona state universities and employers. Please contact the investment provider for details.

Nationwide Retirement Solutions
Walk-in Service,  8 a.m. to 5 p.m., Monday to Friday
4747 N. 7th St., Suite 418
Phoenix, AZ 85014
Toll-free 800-796-9753
arizonadc.com

asoenair Wed, 11/27/2019 - 08:56

Retiree Accumulated Sick Leave Program

Retiree Accumulated Sick Leave Program asoenair Tue, 12/22/2015 - 15:58

The program offers benefits-eligible faculty and staff the opportunity to receive payment for accumulated unused sick leave at retirement. The maximum total benefit is $30,000 per person, per retirement system. The minimum number of sick leave hours paid from this program is 500 per person, per retirement system. The maximum number of sick leave hours paid from this program is 1,500 per person, per retirement system.  Sick leave hours below 500 or above 1,500 are forfeited. The benefit value is calculated by taking the hourly rate of pay on the date of termination from state or university service, multiplied by the number of unused sick leave hours at termination up to 1,500 hours, multiplied by one of the following percentages:

  • 25%, at least the minimum 500 but less than 750 sick leave hours.
  • 33%, at least 750 but less than 1,000 sick leave hours.
  • 50%, at least 1,000 up to the maximum of 1,500 sick leave hours.

See RASL program benefit formula and examples.

Apply for RASL

Required forms are fillable and available online.
All other information in bold is available at ADOA GAO.

  1. Read the RASL Program’s Frequently Asked Questions and Answers.
  2. Establish an effective date of retirement with your State retirement system - ASRS, PSPRS or ORP investment provider - that is within 31 calendar days of your ASU separation date.
  3. Complete the top portion of the Application and Certification Form - GAO-SL-50. Instructions are on page 2.
  4. Complete the left column of the RASL University Employee Checklist.
  5. Complete the W-4 Employee's Withholding Allowance Certificate.
  6. Complete an Arizona Form A-4 Employee's Arizona Withholding Election.
  7. If you choose the Deferred Compensation 457(b) Plan option for your first installment payment:
    • Not a current plan participant? You must establish an account with Nationwide Retirement Solutions prior to your ASU separation date.
      • Submit a completed RASL Deferral Notification Form directly to Nationwide no later than four weeks after your ASU separation date.
      • Visit our Deferred Compensation 457(b) Plan web page for more info.
    • Current plan participant? Submit a completed RASL Deferral Notification Form directly to Nationwide no later than four weeks after your ASU separation date.
  8. If you want direct deposit to a checking or savings account, attach a voided check or letter from your financial institution with ABA routing and account numbers to your application packet.
  9. Before you retire but no later than 150 calendar days from your ASU separation date, submit the completed packet to HR Benefits. The packet items include the application, checklist, W-4, A-4 and if applicable, a voided check or letter from your financial institution. This will allow sufficient time for HR Benefits to complete employer sections and submit the application packet to the GAO within 180 days of your ASU separation date.  

RASL benefits will be denied if required forms are not received by the GAO within 180 days of your ASU separation date.

Submit the original copies of your four completed forms in one of three ways:
US Mail
HR Benefits
PO Box 871304
Tempe, AZ 85287-1304
Campus Mail
Intercampus Mail Code 1304
Hand delivery
ASU HR Employee Service Center
University Center, 1100 E. University Drive, Tempe, AZ,  85281

RASL eligibility

Faculty and staff who meet the following RASL Program eligibility requirements are eligible to receive payment for accumulated - unused - sick leave at retirement:

  • Have an accumulated - unused - sick leave balance of at least 500 hours available to use at the time of separation from employment
  • HR Benefits will complete the employer sections and forward the application packet to the Arizona Department of Administration, General Accounting Office - GAO, within 180 calendar days of the effective date of retirement.
  • Must establish a retirement date from a state-authorized retirement system - ASRS, PSPRS, University ORP, CORP - that is effective within 31 calendar days after the date of separation from employment.
  • Must complete and submit the required RASL Program forms to HR Benefits within 150 calendar days of the effective date of retirement. 
  • Required forms: RASL Program application, university checklist, W-4 and A-4.

RASL payments

The first RASL payment is normally issued 60 to 90 days after the application packet has been received by the GAO. Subsequent RASL payments are issued on the second and third anniversaries of the first payment. 

The first payment only can be deferred to the retired faculty or staff member’s State of Arizona Deferred Compensation 457(b) Plan account with Nationwide Retirement Solutions. First payments rolled into a deferred compensation account are subject only to Social Security and Medicare taxes. All other payments are subject to Social Security, Medicare, federal and Arizona taxes.   

RASL payments are mailed directly to retired faculty or staff member’s home or if authorized, electronically deposited to their designated bank account(s).