Payroll

This 401A Plan is designed to provide supplemental income to you upon retirement. The amount of contribution is shared equally by you and the Gadsden Elementary School District. For more information, please contact ASRS at 602-240-2000.

When am I eligible to retire?

Normal retirement is the earliest you may retire with a full benefit as calculated by the ASRS benefit formula. Normal retirement occurs with any of the following:

• You reach the age 65
• You turn 62 and have 10 or more years of service.
• You have a combination of years of service and age totaling 80 points.

A point is equal to each year of service and each year of your age. For example, if you are 60 years old and have 20 years of service, you have 80 points (60+20). However, at the ASRS, you also may be eligible to retire early. If you are at least 50 years of age with 5 or more years of service you may retire before your normal retirement date. With early retirement, the ASRS reduces the full amount of your retirement benefit for each year your age at retirement is under your normal retirement date. For more information refer to the ASRS Member handbook, or contact the ASRS member service center

For new membership after July 1, 2011

1) Modifies the average monthly compensation used in a retiring member's retirement benefit calculation from the average of the highest consecutive 36 months in the last 120 months to the average of the highest consecutive 60 months in the last 120 months.

2) Modifies one of the normal retirement date definitions from 80-85 points (age+years of service)

3) Eliminates employer contribution refunds except for a member who was terminated due to an employer reduction in force of position elimination in which case the member will receive the current refund vesting schedule.

4) Make conforming changes to early retirement to adjust for the 85 points of normal retirement.

No. The ASRS is not a 401(k) retirement plan. It is a 401(a) "defined benefit plan," which means your pension will be determined by a formula, not by the amount of money in your account.

No. ASRS rules do not permit voluntary contributions except for credited service purchases under the ASRS Service Purchase Program. Additional contributions would not affect your retirement benefit because your ASRS benefit is based on your years of service and salary; therefore, the amount in your retirement account does not affect your retirement benefit.

No. The Arizona Revised Statutes do not allow the ASRS to lend you money from your account. Funds can be paid out (refunded) only when you leave work with your ASRS employer.