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 rate12.04% for FY 2020 (pre-tax)

University match? Yes

Investment choices: Managed by State of Arizona

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

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
 

View 403(b) information (PDF)

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)
View 403(b) Roth PDF

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

View 457(b) information

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)
View 457(b) pre-tax PDF

Roth 457(b)
View 457(b) Roth PDF

Contributions:

Withdrawals:

Pre-tax

Taxable

Post-tax

Tax free

457(b) Enrollment
Or enroll by phone: 800-796-9753

University's Nationwide Representative
Klark Krauter
520-262-0348
krautek@nationwide.com 

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.


Appendix: Plan documents

Do you need more assistance?

Connect with HR Solutions to help review your options.
Email hrsolutions@email.arizona.edu or call 520-621-3660.