All UA employees (with the exception of FICA-exempt employees) who are employed at least 20 hours (.50 FTE) for at least 20 weeks in a fiscal year are required to participate in a retirement program. The retirement plan depends on whether you are Classified Staff, Appointed Personnel, or a Public Safety Officer. In addition, all UA employees have the option to contribute to voluntary supplemental retirement plans in order to increase their retirement savings.
|
Appointed Personnel |
Classified Staff |
|---|---|
All Classified Staff are required to participate in the Arizona State Retirement System (ASRS).
ASRS is a defined benefit plan. Key features of the ASRS defined benefit plan are
ASRS Home Page
Know Your Benefits Meetings
Know Your Benefits Webinars
Service Purchases
Alternate Contribution Rate
Appointed Personnel (including faculty, administrators, and academic/service professionals) must participate in either the Arizona State Retirement System (ASRS), or the Optional Retirement Plan (ORP).
For a description of the ASRS and information on how to enroll, click here.
The Arizona Board of Regents Optional Retirement Plan is a defined contribution plan qualified under Internal Revenue Code 401(a). Key features of the plan are
Your contributions will be directed to the approved investment provider that you select. Visit the Fidelity and TIAA websites below to research these approved providers and to obtain up-to-date investment fund information. You are also encouraged to schedule individual on-campus visits with investment company representatives or contact them with questions.
The University does not endorse outside financial advisors. Fidelity Investments and TIAA are the only ABOR-approved investment providers for the ORP Plan. Mailings received from non-approved financial advisors or investment providers are never University generated.
ORP Guide
ORP Plan Document
ORP Change of Election Form. You may change authorized investment companies once a year.
You must enroll through both the ORP investment provider websites and UAccess Employee. If you do not enroll in ORP, your retirement plan will automatically default to ASRS.
Public Safety Personnel who are regularly assigned to hazardous duty; are employed for more than 20 hours per week for a period of more than six (6) months; and began employment prior to age 50 are required to make contributions to the State of Arizona Public Safety Personnel Retirement System (PSPRS). The employer makes a matching contribution, and full vesting occurs after 10 years of participation in the program.
Section 415(b)(c) of the Internal Revenue Code establishes the maximum allowable compensation and contributions to qualified retirement plans, and authorizes the IRS Commissioner to adjust these limits annually for cost-of-living increases.
When an employee earns the following amount in a fiscal year (July 1–June 30), contributions to ASRS or PSPRS will stop. Contribution limits may change each fiscal year.
| Compensation Limits | ||
|---|---|---|
| Year | Employees hired & enrolled in a mandatory retirement plan on or before June 30, 1996 | Employees hired & enrolled in a mandatory retirement plan on or after July 1, 1996 |
| Fiscal Year 2018–19 | $405,000 | $275,000 |
| Fiscal Year 2019–20 | $415,000 | $280,000 |
When an employee and the University each contribute the following amount in a calendar year (Jan.–Dec.), contributions to the ORP will stop. Contribution limits may change each calendar year.
| Contribution Limits | ||
|---|---|---|
| Year | Employees hired & enrolled in a mandatory retirement plan on or before June 30, 1996 | Employees hired & enrolled in a mandatory retirement plan on or after July 1, 1996 |
| Calendar Year Jan. 1–Dec. 31, 2018 |
$27,500 | $19,250 |
| Calendar Year Jan. 1–Dec. 31, 2019 |
$28,000 | $19,600 |
For more information see: Internal Revenue Code Section 415(b) and (c).
All University of Arizona employees are eligible to participate in the Voluntary 403(b) Plan and the 457(b) Deferred Compensation Plan. Both plans are designed to help you save more for retirement beyond the required contribution to the Optional Retirement Plan (ORP) or the Arizona State Retirement System (ASRS).
Both the Voluntary 403(b) Plan and the 457(b) Deferred Compensation Plan are offered through payroll deduction. When calculating your annual contribution amount, please note that voluntary deductions such as these are deducted from only the first two paychecks of each month (24 paydays per year). Contributions for the Voluntary 403(b) Plan and the 457(b) Deferred Compensation Plan are deducted from supplemental compensation.
For a comparison of both plans, view the Supplemental Retirement Plans Comparison.
View a video about the 403(b) plan here
The Voluntary 403(b) Plan allows an employee to invest with Fidelity Investments or with TIAA. Contributions to the Voluntary 403(b) Plan can be deducted on a pretax or after-tax basis [Roth 403(b)]. For more information on the Roth 403(b) option, click here. You are encouraged to consult a tax advisor to determine which option is best for you.
The University does not endorse outside financial advisors. Fidelity Investments and TIAA are the only ABOR-approved investment providers for the Voluntary 403(b) Plan. Mailings received from non-approved financial advisors or investment providers are never University generated.
Both Fidelity Investments and TIAA offer webinars and e-learning opportunities on a variety of topics to all employees. For more information, click here.
To enroll in the Voluntary 403(b) Plan, follow these instructions. For assistance or information about your investment choices, contact the representative for the investment provider of your choice:
Follow the instructions on page 2 of this flyer for managing your account.
Dates Contribution Changes Take Effect: 2019–20 fiscal year
Contact a representative for your chosen investment provider. Active employees may request loans and hardship withdrawals with only Fidelity and TIAA. Two active loans are permitted at one time (one home loan and one general loan).
Voluntary 403(b) Plan Document
First Amendment to the Voluntary 403(b) Plan Document
Second Amendment to the Voluntary 403(b) Plan Document
The 457(b) Deferred Compensation Plan is available through Nationwide and administered by the State of Arizona. This plan allows employees to defer earnings in a supplemental retirement account. Employees now have both traditional pre-tax and Roth (post-tax options). Unlike other University retirement accounts, you may withdraw funds upon separation from service without penalty, regardless of your age.
Information on the 457 Plan
|
Calendar/Plan Year |
2018 |
2019 |
|---|---|---|
|
Annual Maximum Deferral Amount (MDA) |
$18,500 |
$19,000 |
|
Annual Maximum Deferral Amount (MDA) for participants age 50 and older in plan year |
$24,500 |
$25,000 |
|
Additional catch-up contributions may be available |
Contact your investment provider |
Contact your investment provider |
If you are looking for comprehensive information about planning for, transitioning through, and thriving beyond University retirement, visit the Division of Human Resources' Road Ahead website.
Click here to link to UA retirement forms.
