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Retirement Rules For State Government Employees In Maricopa
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State:
Multi-State
County:
Maricopa
Control #:
US-001HB
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FAQ
CalSavers is the name of California's state-mandated retirement program. Through CalSavers, employees can contribute to a Roth Individual Retirement Account (IRA).
When it comes to retirement, ASRS members are “vested” from the date their first contribution is received. Members may keep their funds on account with ASRS until they meet their normal retirement criteria, at which point they can retire, even with only 1 month of service.
At age 65; or • At age 62 with 10 or more years of credited service; or • At any combination of years of credited service and age totaling 80 points. If you are at least 50 years of age and have five or more years of credited service, you are eligible for early retirement.
Any member can retire at 65 years old, but you can retire with a reduced benefit as early as 50 years old as long as you have 5 years of service credits.
When it comes to retirement, ASRS members are “vested” from the date their first contribution is received. Members may keep their funds on account with ASRS until they meet their normal retirement criteria, at which point they can retire, even with only 1 month of service.
At age 65; or • At age 62 with 10 or more years of credited service; or • At any combination of years of credited service and age totaling 80 points. If you are at least 50 years of age and have five or more years of credited service, you are eligible for early retirement.
The ASRS provides a fixed monthly benefit upon retirement, determined by a formula. The benefit formula is based on your length of service (credited service) under the ASRS, multiplied by a percentage of the average monthly amount of earnings (compensation).
The member must submit an application for retirement as with any retirement situation. Normal retirement is defined as either (1) reaching age 65, (2) reaching age 62 along with at least 10 years of ASRS service credit, or (3) earning at least 80 points.
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Three Choices in Retirement: 1. Continue current Maricopa County benefits plans through COBRA. 2.Members can retire with a lifetime benefit as early as age 50 once they have acquired 5 years of service credits. Before actually filing for retirement, make sure you have estimated your benefits and educated yourself on all the retirement options. Agency Payroll Functions. 1. Ensure proper retirement (ASRS) and long-term disability (LTD) deductions are active for eligible employees. This handbook is designed to help you make important decisions and complete the steps for retiring from the University of Arizona. Arizona Department of Public Services - Popular Public Service Links. Eligibility Expanded to Compact of Free Association (COFA) Citizens. CORP Local Board employees are available to answer questions and assist with disability retirement inquiries.