Financial Planning Benefits: Retirement
The Arizona State Retirement System, created in 1953, is a state agency providing a guaranteed life-long pension benefit, a long-term disability income plan, retiree health insurance and survivor benefits to its members.
There are two portions to the ASRS contribution rate - the Retirement Pension & Health Insurance Benefit, and the Long Term Disability Income Plan. The Pension Plan contribution is a pre-tax deduction, and the Long-Term Disability deduction is post-tax.
Employees who are engaged to work at least 20 weeks in a fiscal year and at least 20 hours a week qualify for membership in the retirement plan. Membership is mandatory for those employees who meet the membership criteria. Employees hired by the State of Arizona July 20, 2011 and after are subject to a 26-week waiting period before initial enrollment in ASRS. Employees moving from one ASRS employer to another retain their membership in the Plan.
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Retirement Pension
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Long Term Disability
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Total
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Employee
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11.13%
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0.26%
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11.39%
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Employer
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9.87%
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0.23%
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10.10%
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