What does retirement look like for you? Whatever your goal, the best way to ensure a secure retirement is to start saving as early as possible. This plan is through the Arizona State Retirement System.
Arizona State Retirement System
A Cost Sharing Model
The Arizona State Retirement System (ASRS) is a state agency providing a life-long pension benefit, a long-term disability income plan, retiree health insurance and survivor benefits to its members. Your ASRS pension is built through a “Cost Sharing” model. Both you and MIHS contribute equally towards your retirement. The amount of your pension will be based on a formula that factors in your years of service and salary at the time of retirement.
The ASRS Contribution Rate
If you are hired to work more than 20 hours per week, you’re automatically eligible!
If you meet eligibility, you will contribute to the ASRS beginning your first day of employment. If you are hired to work less than 20 hours per week, you will not contribute to ASRS. However, if you work 20 weeks at 20 hours or more in a fiscal year (July 1 through June 30), you will meet eligibility through the 20/20 Rule. In this case, HR will notify you that you have met eligibility and contributions will start.
There are two portions that make up the ASRS contribution rate – the Retirement Pension & Health Insurance Benefit and the Long-Term Disability Income contribution rate:
Retirement Pension &
Health Insurance Benefit