Arizona State Retirement System
The Arizona State Retirement System (ASRS) was created in 1953 to provide a defined benefit upon retirement to the employees of state, counties and municipalities, colleges and universities, and other political subdivisions in Arizona. If you meet the membership criteria, membership is mandatory. You become a member and start making contributions to ASRS if you (are hired to) work 20 or more hours per week for 20 or more weeks in a fiscal year, and you contribute to Social Security, Section 218.
The retirement plan is funded 50 percent by the employer and 50 percent by the employee and the contribution rate is calculated annually by an actuarial valuation of the Plan. For FY 23/24 employees will contribute 12.14 percent. A separate contribution for long-term disability (LTD) must be paid to the retirement system. The LTD coverage is funded at a rate of 0.15 percent of compensation for the employee. The total amount that will come out of your check will be 12.29 percent.
As a defined benefit retirement plan, the ASRS pays retirement benefits determined by a set formula. A member's benefit is equal to the average monthly compensation multiplied by the total credited serve multiplied by a factor set by statute.
Retirement Benefit = Average Monthly Compensation x Total Service Credit x Factor
For more information on ASRS, go to their website www.azasrs.gov
Public Safety Personnel Retirement System (for sworn positions only)
The Public Safety Personnel Retirement System (PSPRS) is a special retirement system created by the state Legislature for certain full-time certified peace officers and full-time firefighters in the state of Arizona. The System provides a uniform, consistent and equitable statewide retirement program to these public safety personnel who are regularly assigned to hazardous duty of the type expected of peace officers or firefighters. The System is designed to meet the special needs of personnel engaged in hazardous duty situations.
PSPRS normal retirement is the first day of the calendar month following a member’s completion of 25 years of service and attainment of age 52 1/2. Pension payments begin on the last day of the retirement month.
For more information on PSPRS, go to their website www.psprs.com
- Arizona State Retirement System
3300 N. Central Ave.
P.O. Box 33910
Phoenix, AZ 85067-3910
Toll Free: 800-621-3778
- Public Safety Personnel Retirement System
3010 East Camelback Road, Suite 200
Phoenix, AZ 85016-4416
Produced by Human Resources:
This information represents a summary of benefits provided by the City of Scottsdale to benefited employees. Every effort has been made to report information accurately. All information, including the amount of any benefit and employee eligibility of benefits, is subject to and governed by the terms and conditions of the applicable policy or plan documents. In all cases where any of the information provided differs from the amount of benefit actually provided by the policy or plan, the terms of the legal documents will control.