Mandatory Retirement Plans - Appointed Personnel
Appointed Personnel (including faculty, administrators, and academic/service professionals) who are employed at least 20 hours per week (.50 FTE) for at least 20 weeks in a fiscal year are required to participate in a retirement program. Excluded from participation are non-pharmacy clinical assistants, postdoctoral research associates and nonresident aliens.
- Appointed Personnel (except for Public Safety Personnel and Federal employees)* are required to participate in either the Arizona State Retirement System (ASRS) or the Optional Retirement Plan (ORP). See below for information on each plan. To compare the ASRS and ORP plans at a glance, view the Retirement Plans Comparison.
- ORP-eligible employees have 30 days from the date they first become eligible for the ORP to make an irrevocable retirement plan election. If a retirement plan election is not made within the 30-day election period, retirement plan participation will default to the ASRS. For information on when retirement is effective and when contributions will begin, go to Benefits and Retirement Effective Dates.
* Retirement eligible public safety personnel should contact their department regarding the Public Safety Personnel Retirement System. Retirement eligible federal employees should contact their department regarding retirement plan options.
OPTIONAL RETIREMENT PLAN
The Arizona Board of Regents Optional Retirement Plan is a defined contribution plan qualified under Internal Revenue Code 401(a). Please refer to the ORP Guide and other information sources below.
Annual Maximum Contribution and Compensation Limits
Your contributions will be directed to the approved investment provider that you select. Visit the investment provider websites below to research these approved providers and to obtain up-to-date investment fund information. You are also encouraged to schedule individual on-campus visits with investment company representatives or contact them with questions.
Fidelity Investments - Damond Petersen (866) 588-2612; Kyle Spahn (480) 220-6034
To schedule an appointment with Fidelity, call (800) 642-7131 or visit http://getguidance.fidelity.com.
TIAA-CREF - Mark Largent (866) 548-3705 ext. 453249; Jay Marran (480) 350-3213
To schedule an appointment with TIAA-CREF, call (866) 548-3705 or visit www.tiaa-cref.org/moc.
The University does not endorse outside financial advisors. Fidelity Investments and TIAA-CREF are the only ABOR-approved investment providers for the ORP Plan. Mailings received from non-approved financial advisors or investment providers are never University generated.
TO ENROLL IN THE ORP:
Enrollment in the Optional Retirement Plan (ORP) is completed through the Optional Retirement Plan investment provider websites and UAccess Employee.
Step 1: Select an ORP investment provider. Visit that provider's website to open an ORP account.
Step 2: Visit UAccess Employee and select Employee/Manager Self Service. Select Self Service > Benefits > Benefits Enrollment. Select the open event and follow the on-screen instructions.
Changing ORP Investment Companies - You may change authorized investment companies once a year. ORP Change of Election Form.
Changes to the ORP in 2011
ARIZONA STATE RETIREMENT SYSTEM
ASRS is a defined benefit plan. Key features of the ASRS defined benefit plan:
- Benefit to be received is clearly defined.
- Investments of contributions are directed by the plan administrator, not the participant.
- Benefit is based on a formula: credited years of service, times multiplier factor, times average monthly salary. The multiplier increases with years of credited service after 20 credited service years.
- Benefit is not based upon actual contributions to plan, since benefit is not based on accumulated value of account.
- Contribution rate is determined by actuarial projections, and may fluctuate from year to year.
- A contribution is made by The University of Arizona.
- Plan allows service purchase for previous qualified employment service time.
ASRS Home Page
Know Your Benefits Meetings
Know Your Benefits Webinars
Returning to Work After Retirement
Alternate Contribution Rate for Return to Work Retirees
When Can I Retire?
TO ENROLL IN ASRS:
Step 1: Visit the ASRS online enrollment website within 30 days of your date of hire/eligibility. Code: 69V00040. After completion of the online enrollment, ASRS will send an email requesting beneficiary information.
Step 2: Appointed personnel must also select ASRS through an online retirement enrollment in UAccess Employee. Visit UAccess Employee and select Employee/Manager Self Service. Select Self Service > Benefits > Benefits Enrollment. Select the open event and follow the on-screen instructions.