Retirement Plans
All benefit-eligible employees (employees who work 20 hours per week or more and are scheduled to work 6 months or longer) are required by state mandate to participate in a retirement plan.
Arizona State Retirement System (ASRS) – Classified/Faculty/Appointed Staff
The Arizona State Retirement System is required for all Classified Staff employees. Faculty/Service Professional/Appointed employees may choose between the Arizona State Retirement System and the Arizona Board of Regents sponsored Retirement Plan (ORP).
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.
Public Safety employees are required to participate in the Public Safety Personnel Retirement System (PSPRS).
Optional Retirement Plan (ORP) - Faculty/Service Professional/Appointed
The ORP is a defined contribution plan. Retirement benefits are based on the total accumulation of funds, including any investment gains or losses.
ORP Vendors - The Arizona Board of Regents currently contracts with three financial institutions for the ORP:
September 30, 2006 ABOR Fund Report [pdf]
The above information is a general overview of the ORP. Additional information about the ORP, including specific investment information, is available in the Optional Retirement Plan Book , Restated Plan Document, or by contacting an ORP Vendor.