Arizona State Retirement System (ASRS) Goes Back to 50/50 Contribution Split
The Arizona State Retirement System (ASRS) contribution rates have been reversed from the current 53% employee /47% employer contribution split to a 50%/50% split retroactive to July 1, 2011. This applies to all contributing ASRS members during the period July 1, 2011 through May 6, 2012. This does not apply to those ASRS members who withdrew their money or began taking distributions during that period. Visit the ASRS website for more news and updates.
|Current ASRS rates||Revised ASRS rates effective May 18 paycheck|
*Includes long-term disability deduction of .24% + 10.5% for the ASRS contribution
What does this mean for NAU employees?
• Starting with the paycheck of May 18, 2012, employees will see a decreased ASRS contribution rate.
• Active ASRS members will be refunded the rate difference that was contributed retroactive to July 1, 2011.
• Refunds will be provided in a one time payment added to a paycheck no later than September 30, 2012. Employees will be notified once it's determined on which paydate the refund will be given.
• ASRS rates will likely increase on July 1, 2012. Employees will be notified through the HR newsletter and HR website once new rates are released by ASRS.
Estimate your refund amount
To get an idea of how much your refund may be, use the following formula:
Determine your biweekly salary. This can be found on your paycheck in the upper right section. Or you can calculate it by taking your annual salary and dividing it by 26.1 pay periods.
Example: $40,000 annual salary /26.1 pay periods = approximately $1533
- Example: $40,000 annual salary /26.1 pay periods = approximately $1533
Calculate the normal biweekly salary X ASRS rate difference (.0065) X number of paychecks received between 7/1/11 and 5/18/12 (for employees who received paychecks for that complete period, there are 22)
- Example: $1533 biweekly rate X .0065 rate difference X 22 paychecks = $219.21 is the approximate refund amount