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An Alternative Savings Plan for ASRS Members

A low-fee savings plan that offers an additional way to achieve financial independence

In addition to your pension, long-term disability and retiree health insurance benefits, the ASRS offers another program many of our active members find to be of value – the ASRS Supplemental Savings Deferral Plan – or SSDP for short.

This professionally managed, low-administrative fee savings plan is a great way to supplement your post-employment income, keeping in mind that there are no provisions for regular increases to your pension once you begin collecting it.

The SSDP is qualified under Section 457 of the Internal Revenue Code. The plan allows employees who work for an employer who has adopted the ASRS SSDP an opportunity to contribute tax deferred money into an account, which then grows tax-deferred until withdrawal.

Overseen by the ASRS and administered by Nationwide Retirement Solutions, the SSDP is professionally managed and offers a variety of investment options to suit both the interested investor as well as those who would like a simple one-choice retirement date investment solution. The SSDP has a very low administrative cost of 0.06% of assets. A low administrative cost can make a big difference to your savings over time.

This plan is not available to employees of the State of Arizona, but the State of Arizona offers a similar plan which has an equally low administrative cost.

To learn more about the SSDP, visit AzASRS.gov and the Supplement Your Savings page, which includes a short informational video.

by Dave Canella, Media Relations

Published in Expanding Your Financial Horizons digital newsletter August 2019 

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