AllisonH's blog

On July 1, the ASRS will begin a new fiscal year – FY 2024-25.

Starting July 1, 2024, the new total contribution rate will be 12.27%, a slight decrease from fiscal year 2024 of 12.29%.

When an ASRS member applies for retirement or a refund of contributions, the ASRS may be required to request an Ending Payroll Verification Form (EPV) from our employer partners to where the member has made contributions. 

For retiring members, the ASRS will generate an EPV request to all employer partners that remitted contributions within the last 36 months. For refunding members, the EPV is generated for all employer partners that remitted contributions within the last 6 months. 

In general, vesting refers to a member’s ability to refund all of their contributions paid into a retirement plan. In ASRS terms, our members are ‘vested’ with their first contribution towards their retirement. This allows our members to take retirement even if they only have one month of service credit with the ASRS and would be eligible for ASRS health insurance. 

When an ASRS member terminates their employment, they would have the option to refund all of their contributions plus any applicable interest.

For many employees, retirement can be overwhelming and exciting all at the same time! Employees and employers alike are curious about what is required during this process. The ASRS has the following essential information to assist along the way. 

Resources for Retiring Employees

Welcome to your new monthly newsletter, ASRS In Focus!

We recognize the importance of connecting with you, our employer partners, and have rethought the best way to deliver meaningful content that fits your schedule best.

When planning to retire with the ASRS, you may begin thinking about how early you can begin receiving your benefit. First, it's important to understand how the ASRS defines “normal” and “early” retirement, and how the criteria for each may change depending upon when you started making contributions to the ASRS.

If you are nearing retirement, have you thought about continuing to work after you retire? If the answer is yes, there are several key factors to consider if you plan to return to work, primarily whether you will work directly with an ASRS employer and our 20/20 Membership Criteria. 

Working after retiring from the ASRS allows our members to receive their monthly pension while also receiving a paycheck from their new employer. Please also note that you cannot actively contribute to the ASRS and receive your ASRS pension.