ASRS Information on the Rate Increase Effective July 1, 2005
Active employees participating in the Arizona State Retirement System (ASRS) will experience an increase to the retirement contributions rate. The new rate will become effective on the first pay period ending in July 200; the pay period of June 20 through July 1, 2005, and paid on July 8, 2005. The new rate will apply to all hours paid on the July 8, 2005 paycheck.
ASRS Retirement PLAN* 2005-06 Contribution Rate
(Effective July 1, 2005) |
| |
2005-06 Contribution Rate
(Effective July 1, 2005)
|
| |
Retirement Pension
| Long Term Disability |
Total |
| Employee |
6.9% |
0.50% |
7.40% |
| Employer |
6.9% |
0.50% |
7.40% |
| Total |
13.8% |
1.00% |
14.80% |
| |
| |
2006-07 Contribution Rate
(Effective July 1, 2006) |
| |
Retirement Pension |
Long Term Disability |
Total |
| Employee |
8.6% |
0.50% |
9.10% |
| Employer |
8.6% |
0.50% |
9.10% |
| Total |
17.2% |
1.00% |
18.20% |
*PLAN = Defined Benefit Plan
Both the employer and the employee will participate at these new rates for the PLAN.
ASRS Retirement SYSTEM*
(Effective July 1, 2005) |
| |
Retirement |
Long-Term Disability |
Total |
| Employee |
7.00% |
0.50% |
7.50% (no change) |
| Employer |
8.13% |
0.50% |
8.63% |
*SYSTEM = Defined Contribution System (very few remaining participants in this plan)
** Employer retirement contribution will experience an increase to 8.13%% effective July 1, 2005, although there will be no increase in the employee contribution rate.
All rates are calculated as a percentage of eligible compensation each pay period.
Resources for employees to get additional information about the rate increase:
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