On July 1, the ASRS will begin a new fiscal year – FY 2022-23. For members, this is always when your new contribution rates will go into effect. Starting July 1, 2022, the new total contribution rate (which includes pension benefits, health insurance benefits, and long term disability benefits) will be 12.17%, adjusted down slightly from the FY 2021-22 rate of 12.41%.
Understanding Your Contribution Rate
In this infographic, we look at an example of an ASRS member with an estimated refund of $10,000 to see how taxes apply, what penalties may be assessed, and what the estimated remaining cash amount could be. (Along with options available to avoid those penalties and taxes.)
Supplemental savings plans offered through the Arizona State Retirement System (ASRS) can be a helpful way for employees to invest tax-deferred money today to bolster their retirement income down the road.
To enhance access to these plans, simplify administration, ensure continued professional oversight and low administrative and investment costs, the Arizona legislature passed and Governor Ducey signed into law Senate Bill 1348. This new law has two parts to it as follows:
If you're leaving the ASRS prior to retirement, you may be wondering if you should refund your account. You can, but you don't have to. You have options!
Join one of our live, online retirement webinars to help get some answers. In our "Road To Retirement" educational series, “Route 3” and “Route 4” focus on those nearing retirement.
Route 3 is designed for those within 3 years of retiring. It helps you learn about your pension benefit, annuity options, and helps answer the question, "Can I afford to retire?"
Did you know that your retirement pension is totally portable? The Arizona State Retirement System (ASRS) has over 700 employers representing all levels of education, counties and State service.
Check out all the ASRS newsletters - mailed and emailed - here.
