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|
|Defined contribution plan and disability fund|
|Fiscal year ending||Contribution source||Retirement contribution rate||Disability fund contribution rate|
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.