21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Arizona Retirement Benefits Plan
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Multi-State
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US-CC-21-166
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FAQ
Retirement Eligibility Members can retire with a lifetime benefit as early as age 50 once they have acquired 5 years of service credits. Because retirement benefits are based on "normal" retirement rules, a member who takes an early retirement will receive a reduced benefit for their lifetime.
When can I retire? Any member can retire at 65 years old, but you can retire with a reduced benefit as early as 50 years old as long as you have 5 years of service credits.
In addition to the mandatory Arizona State Retirement System (ASRS) pension plan, State employees may voluntarily enroll in the Deferred Compensation Plan called AZ Smart Save.
New employees who wish to opt out of ASRS must do so by completing the 65+ Membership Waiver form, which must be obtained from the ASRS employer.
Yes; membership in the ASRS is mandatory if you work for employers who are part of the ASRS and meet membership criteria. A couple of exceptions: 65+ Waiver.
When can I retire? Any member can retire at 65 years old, but you can retire with a reduced benefit as early as 50 years old as long as you have 5 years of service credits.
These benefits include lifetime pension benefits for retirees, long term disability, survivor benefits, and more. Contributions are mandatory for all members, except for those who file a 65+ waiver, or don't meet the 20/20 membership criteria.
If an employee is hired to work twenty weeks in a fiscal year at 20 or more hours per week they must begin contributing to the ASRS on day one*. *State employers ? Please assess whether the waiting period applies and once an employee meets membership edibility, contributions can begin.
