Northern Arizona University
Tier2-3: Socially Responsible Retirement Plan

All benefit-eligible employees (employees who work 20 hours per week or more and are scheduled to work 6 months or longer) are required by state mandate to participate in a retirement plan. Arizona State Retirement System (ASRS) – Classified/Faculty/Appointed Staff The Arizona State Retirement System is required for all Classified Staff employees. Faculty/Service Professional/Appointed employees may choose between the Arizona State Retirement System and the Arizona Board of Regents sponsored Retirement Plan (ORP). The ASRS is a defined benefit plan. Defined benefit plans are similar to traditional pension plans. Employees who retire through the ASRS are guaranteed a monthly benefit for life. Retirement benefits are calculated using a formula based on age and years of service and the highest 36 consecutive months of salary over the last 10 years of employment. Public Safety employees are required to participate in the Public Safety Personnel Retirement System (PSPRS). Optional Retirement Plan (ORP) - Faculty/Service Professional/Appointed The ORP is a defined contribution plan. Retirement benefits are based on the total accumulation of funds, including any investment gains or losses. ORP Vendors - The Arizona Board of Regents currently contracts with three financial institutions for the ORP: •Valic •Fidelity Investments •TIAA-CREF Arizona Board of Regents ORP Performance Report The above information is a general overview of the ORP. Additional information about the ORP, including specific investment information, is available in the Optional Retirement Plan Book , Restated Plan Document, or by contacting an ORP Vendor.