Northern Arizona University

The ASRS is a defined benefit plan.  Defined benefit plans are similar to traditional pension plans.  Employees who retire through the ASRS are guaranteed a monthly benefit for life.  

Retirement benefits are calculated using a formula based on age and years of service and the highest 36 consecutive months of salary over the last 10 years of employment.

Contribution Rate

• Effective July 1, 2009, the contribution rate is 9.0% of gross salary.
• NAU matches the employee's contributions.

Vesting

• Employees are 100% vested in their contributions at all times.
• Partial vesting in the NAU-matched funds begins after 5 years of service, with 100% vesting after 10 years of service.
• Employees may withdraw or transfer available contributions upon separation from employment. 

Qualifying for Retirement with ASRS

Regular Retirement

• 80 points (age plus years of credited service)
• 10 years of credited service and age 62
• Any years of credited service and age 65

Early Retirement

• Minimum qualification for retirement is 5 years of credited service and age 50.

Benefits Upon Retirement

• Monthly pension benefit for life
• Health and dental insurance
• Credit toward monthly health and dental insurance premiums

Application For Return or Transfer of Contributions Form

The above information is a general overview of the ASRS plan.  Detailed information can be obtained by contacting ASRS.    Legislative updates can be reviewed at this link  Updates.