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USLF Multistate Elder and Retirement Law Handbook - Guide

Retirement Rules For State Government Employees In Phoenix

Category:

Family Law - Elder Law

State:

Multi-State

City:

Phoenix

Control #:

US-001HB

Format:

Instant download

Description

This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.

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FAQ

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).

To reach the ASRS, call: 602-240-2000 from within metropolitan Phoenix. 520-239-3100 from within metropolitan Tucson. 800-621-3778 from outside the Tucson and Phoenix areas.

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.

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.

Yes; membership in the ASRS is mandatory if you work for employers who are part of the ASRS and meet membership criteria. A couple of exceptions: 65+ Waiver. If you're new to the ASRS and 65 or older on your first day of employment, you can waive ASRS membership.

FERS Retirement Eligibility Types of RetirementAgeYears of Service Optional (Voluntary) MRA 60 62 30 20 5 Early Out (Voluntary) 50 Any 20 25 Discontinued Service (Involuntary) 50 Any 20 25 Disability Any 18 months

More info

Before actually filing for retirement, make sure you have estimated your benefits and educated yourself on all the retirement options. Members can retire with a lifetime benefit as early as age 50 once they have acquired 5 years of service credits.Three Choices in Retirement: 1. Continue current Maricopa County benefits plans through COBRA. 2. This handbook is designed to help you make important decisions and complete the steps for retiring from the University of Arizona. Agency Payroll Functions. 1. Ensure proper retirement (ASRS) and long-term disability (LTD) deductions are active for eligible employees. PSPRS administers retirement benefits in the Defined Benefit Plan (DB Plan), wherein retirement benefit payments are determined. Individuals may withhold Arizona income tax be withheld on their payments from a pension, annuity, or a distribution from a retirement account. All newly hired State employees are subject to and must successfully complete the Electronic Employment Eligibility Verification Program (E-Verify).

Retirement Rules For State Government Employees In Phoenix

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How does Arizona state retirement work?

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What are the Arizona state retirement rules?

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How many years to be vested in ASRS?

How many years do you have to work for the state of AZ to retire?

Does Arizona have a state mandated retirement plan?

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