22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Arizona Savings Plan for Employees
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US-CC-22-109E
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At age 65 ? At age 62 with 10 or more years of credited service ? At any combination of years of credited service and age, totaling 80 points. Example: If you have 31 years of credited service and you are 49 years of age, you will be eligible for a normal retirement because you have 80 points (49 + 31 = 80).
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.
The ASRS calculates your average monthly compensation based contributions paid into your account, which are a percentage of your regular salary each pay period. The method used to calculate your average monthly compensation is based on when you became an ASRS member.
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.
In technical terms, your ASRS pension plan is a 401(a) Defined Benefit plan, while a 401(k) is classified as a Defined Contribution plan.
In general, if an ASRS retiree returns to work for an ASRS employer and works or agrees to work 20 or more hours a week for 20 or more weeks in a fiscal year (referred to as 20/20 criteria), their pension will be suspended and active membership resumed.
ASRS Defined Benefit Plan It is a ?cost-sharing? model, meaning both the member and the employer contribute equally. Members also participate and contribute to the ASRS Long Term Disability Income Plan, which provides benefits for actively contributing members.
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.
