Arizona Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
For those wanting to put additional money aside for retirement and desire a plan in which they can decide how funds are managed, there are supplemental savings plans available to all ASRS members.
For the 2023-2024 fiscal year, your total contribution rate is 12.29%.
The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year. The interest and earnings in the account are not taxed until the funds are withdrawn.
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
The limit on contributions: For fiscal year 2022, the ASRS cannot continue to receive contributions above $430,000 for members who joined before 07/01/1996, and $290,000 for members who joined on or after 07/01/1996. These limits are determined by the IRS, but they do not impact their service credit with the ASRS.
The current contribution rate for retirement benefit and health benefit supplement is 12.03 percent for the pension plan and health benefit supplement, and 0.14 percent for the LTD plan. The total contribution rate of 12.17 percent will increase slightly, to 12.29% beginning July 1, 2023.
The average ASRS benefit payment for a retiree who contributed to the ASRS for 20 or more years is approximately $1,700 a month, but that amount will vary for each retiree based on salary history, years of service, and other important factors. Most all ASRS members also participate in the federal Social Security plan.
If the employee does work 20 weeks a 20-hour or more per week during the fiscal year, ASRS membership occurs on the 20th week and ASRS contributions begin starting with the 20th week. It is important that contributions start on the 20th week, even if the 20th week occurs in the middle of a pay period.