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Retirement Information for Exiting Employees   Print 
  
 
If you are leaving NAU but not retiring, you may have questions about your retirement account.
The chart below describes available distribution*, rollover and other options.   
 

Arizona State Retirement System
(ASRS)
Optional Retirement Plan
(ORP)
 
Employees who leave NAU (and will not be employed by another ASRS employer) may:
 

 

  • Obtain a refund of their employee contributions, the vested portion of employer contributions and interest earned on these amounts*;
  • Roll over retirement funds to an IRA or other qualified retirement plan; or
  • Leave monies on account with ASRS in an inactive membership status for a future benefit. 
  
Detailed information about each of these options, and the necessary forms are available on the ASRS web page:
 
Employees who transfer to another ASRS employer will continue their ASRS membership. 
 
Employees who remain employed at NAU,  but transfer into a non benefit-eligible position (student worker, graduate assistant, temporary employee) will become inactive members of ASRS.  To access your retirement account at ASRS, you must be fully separated from all employment at NAU.
 
 
Employees who leave NAU for employment outside of the Arizona University System or Arizona Board of Regents (ABOR), may:
 
  • Withdraw all or part of your employee contributions, vested employer contributions and earnings*;
  • Roll over retirement funds to an IRA or other qualified retirement plan; or
  • Leave monies on deposit for a future benefit. 
 
  To withdraw or to roll over funds, please contact the appropriate investment vendor directly. 
 
Contact information can be found at
 
 
 
  
Employees who transfer to another ABOR  employer will remain ORP participants, unless otherwise ineligible. To access your ORP retirement account, you must be fully separated from all employment at NAU, UA, ASU or ABOR.        

 
*Distributions may be subject to taxes and IRS penalties.

                                    

Last Updated ( Monday, 22 June 2009 )
 
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