Optional Retirement Plan

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 select the ORP 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 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 details

• 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. 
• You may not borrow or withdraw from your ORP account while working in the Arizona university system. 
• This plan includes long-term disability insurance benefits with premiums paid by the university. 
• You may change ORP investment providers once per fiscal year. To change your ORP provider, you must complete a Change Benefits task through Workday. Changes are effective on the first day of the pay period following the submittal date.

Establishing your account

Establish an ORP account with your chosen investment provider. 

Fidelity 

• Click on Start now in the middle of the picture. 
• Click on Get started. 
• If you already have an account with Fidelity, enter your username and password and click Log In. If you are new to Fidelity, click on Register as a new user. 
• Follow the remaining screen prompts. The Plan ID 67444 should be provided and linked automatically. 

TIAA 

• Click Ready to Enroll on the landing page. 
• Select Arizona State University from the drop-down menu. 
• Under Step 2 for the Arizona University Optional Retirement Plan section, click on the link for TIAA account online. A new browser or tab will open. 
• If you already have an existing account with TIAA, enter your username and password and click Log In. If you are new to TIAA, click on Register Now. 
• Follow the remaining screen prompts. ASU's access code, AZQ190, should already be populated.

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 the steps above for establishing your account with your chosen provider.

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. University matching contributions are held in a separate university-administered trust account until you meet the five-year vesting criteria. All funds are forfeited if you separate employment before the vesting period is complete.

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, submit a copy of a recent account statement from your prior eligible employer’s retirement plan online. Immediate vesting will not be established until you furnish this statement.

ORP phased retirement program

Phased retirement allows vested and eligible ORP participants to gradually transition into retirement, with the consent of their deans or vice presidents. Visit the phased retirement webpage for eligibility details and other program information.

Retirement 

The performance of your investments determines your retirement benefit. Your ultimate account balance results from the number of contributions deposited to the ORP account and the performance of your chosen investments. 

• Early retirement is between the ages of 50 and 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 or email it to hrretirement@asu.edu. Allow two to three business days for verification of eligibility, completion of authorization or return or submission of authorized forms. 

Additional resources

• ORP plan document
• ORP plan guide