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Separation Retirement FAQ's

• Arizona State Retirement System
• Optional Retirement Plan (ORP)
• Retiree Accumulated Sick Leave Program (RASL)

1. How can I confirm the retirement plan(s) in which I participate?
   
   Classified Staff employees participate in the Arizona State Retirement System (ASRS). Faculty and other Appointed Personnel have the option to participate in the ASRS plan or the Optional Retirement Plan (ORP). If you have changed employment status at some time during employment, it is possible that you have some funds in both the ASRS and the ORP plans.
   
   Your current paycheck stub will identify the plan to which you are currently contributing, or you may review your Employee Link record. If you have funds in a retirement plan, the plan will mail you a statement at least annually reflecting your account balance.
   
   
   
2. What happens to my contributions in my ASRS retirement account if I am on layoff status or if I separate from University employment?
   
   When you are no longer actively employed by The University of Arizona, you have several options regarding your ASRS account. You may
   • leave your contributions on deposit toward retirement at a later date;
   • request a refund of
     • your contributions plus interest earned, and
     • any vested employer contributions plus earned interest;
   • rollover your account accumulations to another qualified retirement account program, such as an Individual Retirement Account (IRA) or an employer-sponsored retirement plan; or
   • make application to begin receiving your retirement benefits, if eligible.
   
   If you are seeking employment outside of the University, there are other employers throughout Arizona that participate in the ASRS. Many city, town and county governments, public school districts, charter schools and fire districts are members. You may view a complete listing of participant employers. If you choose to leave your ASRS retirement account intact and either return to the University or begin to work for another ASRS employer, you will resume making contributions to your existing ASRS retirement account.
   
   Contact ASRS at 520-239-3100 (800-621-3778 if outside of Tucson) for specific details on these options.
   
   NOTE: Any decision you make about funds in a retirement plan may have associated tax and penalty costs. You are strongly encouraged to consult with ASRS or your financial advisor before making any decisions.
   
   
   
3. If I elect to apply for a refund or rollover of my ASRS retirement contributions, will I receive any of the employer's matching contributions?
   
   If you are a member of the ASRS and have five or more years of credited service, you are eligible to receive the employer's matching contributions as follows:
   
   

   5 - 5.99 years	25%
   6 - 6.99 years	40%
   7 - 7.99 years	55%
   8 - 8.99 years	70%
   9 - 9.99 years	85%
   10 or more years	100%

   
   
   
4. What happens if I have applied for a refund of my retirement plan contributions from ASRS and I am re-hired by The University of Arizona or hired by another ASRS-participating employer before receiving my refund?
   
   There must be twenty-one (21) calendar days between your last day of employment and the beginning of new employment with an ASRS employer before the ASRS considers you to be "separated from service" for refund or rollover purposes. If you are hired with another ASRS employer within twenty-one (21) days of leaving the employment of an ASRS employer, the ASRS will not refund your retirement plan contributions.
   
   If you are hired after twenty-one (21) days of leaving employment, you are able to return your refund check within thirty (30) days of the date of the check to the ASRS as long as you have not cashed it, and the ASRS can reinstate your account.
   
   
   
5. If I retire from the University of Arizona under the ASRS, may I return to work at the University or with a different ASRS employer?
   
   There are very specific restrictions regarding returning to work for an ASRS participating employer; consequently, your retirement income benefits could be suspended or invalidated. In order to learn more about these restrictions and consequences please refer to the ASRS web site, including the ASRS Member Handbook or the ASRS Fact Sheet entitled "Return to Work".
   
   More information is available on the ASRS web site.
   
   
   
6. Does my retirement account have a loan provision?
   
   There are no loan provisions in any of the retirement plans. However, some of the Tax Sheltered Annuity (TSA) investment plans may include a loan provision. If you are enrolled in the TSA plan, contact your TSA representative to learn whether your investment includes a loan provision.

1. How can I confirm the retirement plan(s) in which I participate?
   
   Faculty and other Appointed Personnel have the option to participate in the ASRS plan or the Optional Retirement Plan (ORP). If you have changed employment status at some time during employment, it is possible that you have some funds in both the ASRS and the ORP plans.
   
   Your current paycheck stub will identify the plan to which you are currently contributing, or you may review your Employee Link record. If you have funds in a retirement plan, the plan will mail you a statement at least annually reflecting your account balance.
   
   
   
2. Will I lose the University's contribution if I leave the University, prior to my vesting date?
   
   Yes, the University's contribution will be made available to you only after you have reached your vesting date.
   
   
   
3. What happens to my contributions in my ORP retirement account if I separate from University employment?
   
   When you are no longer actively employed by The University of Arizona, you have several options regarding your ORP account. You may
   • leave your contributions on deposit toward retirement at a later date;
   • request a refund of
     • your contributions plus any interest and earnings, and
     • any vested employer contributions plus any interest and earnings;
   • rollover your account accumulations to another qualified retirement account program, such as an Individual Retirement Account or an employer-sponsored retirement plan; or
   • make application to begin receiving your retirement benefits, if eligible.
   
   In addition, your ORP account is portable which may be useful if you leave your account intact and subsequently become employed by another higher education institution with a similar qualified retirement plan.
   
   NOTE: Any decision you make about funds in a retirement plan may have associated tax and penalty costs. You are strongly encouraged to consult with the ORP vendor or your financial advisor before making any decisions.
   
   
   
4. If I elect to apply for a refund or rollover of my ORP retirement contributions, will I receive any of the employer's matching contributions?
   
   If you are a member of the ORP and are vested, you are eligible to receive the employer's matching contributions.
   
   
   
5. If I retire from The University of Arizona under the ORP, may I return to work?
   
   If you are participating in an ORP you must terminate employment in order to retire. Additionally, there can be NO pre-arranged agreement to return to work (written, oral, or implied) or the retirement will be invalidated. If these conditions are NOT met, then your retirement WILL BE invalidated and the plan will collect all retirement income benefits already paid to you.
   
   If you terminate employment and are later re-hired at the University, you will have a new thirty-day (30) period to elect your retirement plan, based on your new employment status.
   
   
   
6. Does my retirement account have a loan provision?
   
   There are no loan provisions in any of the retirement plans. However, some of the Tax Sheltered Annuity (TSA) investment plans may include a loan provision. If you are enrolled in the TSA plan, contact your TSA representative to learn whether your investment includes a loan provision.