Retirement Plans
The University of Arizona offers multiple plans to help employees create a financially secure retirement. Review the options below.
If you are close to retirement, consider scheduling an individual retirement consultation with a Human Resources retirement advisor.
Mandatory retirement plans
Most University employees who are employed at least .50 FTE are required to participate in either the ASRS or ORP retirement program.* Employees have 30 days from their date of hire/eligibility date to make a selection. This selection is irrevocable.
Any employees who do not make a choice during this 30-day window will default irrevocably into the ASRS.
*Exemptions include postdoctoral research associates and nonresident aliens. In addition, some Public Safety Personnel will participate in a different plan.
Mandatory plan choices
For a side-by-side comparison of ASRS and ORP, view the Mandatory Retirement Plans Comparison.
Arizona State Retirement System
(ASRS)
ASRS is a defined benefit plan. Learn more about ASRS
Contribution rate: 12.04% for FY 2020 (pre-tax)
University match? Yes
Investment choices: Managed by State of Arizona
Waiting period: 27 weeks before contributions begin for new members
Retirement benefit: Guaranteed monthly pension for life. The amount is based on years of service and average monthly salary. Learn more about how the pension is calculated.
Loans/Hardship withdrawals: None
ASRS Online Enrollment
Enrollment Code: 69V00040
Optional Retirement Plan
(ORP)
ORP is a defined contribution plan. Learn more about ORP (PDF)
Contribution rate: Fixed at 7% (pre-tax)
University match? Yes
Investment choices: Managed by employee
Waiting period: None. Contributions begin the pay period after enrollment
Retirement benefit: The amount that accrues in the employee’s account. This depends on the market performance of chosen investments.
Loans/Hardship withdrawals: None
Enroll in the ORP both through UAccess
AND with a selected retirement provider.
Fidelity Investments
Plan ID: 67444
TIAA
Access Code: AZQ192
See “Meeting with a financial provider” section.
Public Safety Personnel Retirement System
UAPD public safety officers participate in 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.
Compensation/contribution limits for mandatory plans
| asrs/psprs annual compensation limits | orp annual contribution limits | ||||
|---|---|---|---|---|---|
| Fiscal year | If hired & enrolled by June 30, 1996 | If hired & enrolled after June 30, 1996 | Calendar year | If hired & enrolled by June 30, 1996 | If hired & enrolled after June 30, 1996 |
| 2019-20 | $415,000 | $280,000 | 2019 | $28,000 | $19,600 |
| 2020-21 | $425,000 | $285,000 | 2020 | $28,500 | $19,950 |
Supplemental retirement plans
COVID-19 Update:
Access 403(b) and 457(b) Funds
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has temporarily relaxed restrictions on loans and withdrawals from certain retirement accounts if you are facing financial hardship caused by the COVID-19 pandemic. Learn more here.
These changes apply to the University’s 403(b) and 457(b) plans. They do not apply to the ASRS or ORP.
All University employees, including those who are not eligible for the ASRS or ORP, can participate in these voluntary supplemental retirement plans to save more for retirement. Both supplemental plans have traditional (pre-tax) and Roth options.
Supplemental plan choices
For a side-by-side comparison of the 403(b) and 457(b) plans, view the Supplemental Retirement Plans Comparison.
403(b) Plan
The 403(b) is a retirement account where you choose from a mix of investment options. Withdrawals permitted upon separation or after age 59½.
Investment providers: Fidelity Investments or TIAA
Minimum contribution: $5/pay period
Rollovers into the plan: Allowed
Loans/Hardship withdrawals: Allowed
|
|
Traditional 403(b) |
Roth 403(b) |
|
Contributions: Withdrawals: |
Pre-tax Taxable |
Post-tax Tax free |
403(b) Online Enrollment
Or contact the Fidelity or TIAA representatives (below)
Enrollment & Change
Instructions (PDF) Contribution Change
Deadlines (PDF)
457(b) Deferred
Compensation Plan
The 457(b) is a deferred compensation plan similar to a retirement account, but you may withdraw funds upon separation from service without penalty, regardless of your age.
Investment provider: Nationwide
Minimum contribution: $10/pay period
Rollovers into the plan: Allowed
Loans/Hardship withdrawals: Allowed
|
|
Traditional 457(b) |
Roth 457(b) |
|
Contributions: Withdrawals: |
Pre-tax Taxable |
Post-tax Tax free |
457(b) Enrollment
Or enroll by phone: 800-796-9753
| Contribution Change Deadlines (PDF) |
University's Nationwide Representative |
| maximum deferral amount (MDA) limits for 403(b) and 457(b) | ||
|---|---|---|
| MDA | Calendar or plan year | |
| 2019 | 2020 | |
| Annual MDA under age 50 | $19,000 | $19,500 |
| Annual MDA if turning 50+ in plan year | $25,000 | $26,000 |
| Catch-up contributions (age 50+) |
Contact your investment provider |
Contact your investment provider |
Meeting with a financial provider
Regardless of which retirement plan you participate in, you may schedule complimentary, on-campus appointments with either of the two ABOR-approved investment providers. We encourage you to visit their websites or connect with the University’s dedicated representatives for more information.
If you choose the ORP or 403(b), you must select either Fidelity Investments or TIAA. Their representatives can help you make your choice and assist with enrollment. You may switch investment companies once a year by filling out the investment company change form (PDF).
Fidelity Investments
Schedule appointment - Fidelity
or call 800-343-0860
University’s Fidelity Representative:
Damond Petersen
866-588-2612
Damond.Petersen@fmr.com
TIAA
Schedule appointment - TIAA
or call 800-732-8353
University’s TIAA Representatives:
Donn Fitch
480-350-3209
dfitch@tiaa.org
Julie Flores
505-600-4326
julie.flores@tiaa.org
Thomas Whisenant
303-626-4021
thomas.whisenant@tiaa.org
On-Demand Financial Education
View Financial Literacy Webpage
All employees have access to a variety of self-paced financial education resources offered by Fidelity Investments and TIAA.
Do you need more assistance?
Connect with HR Solutions to help review your options.
Email hrsolutions@email.arizona.edu or call 520-621-3660.