ASRS Benefits
Long-term disability (LTD) program provides benefits to you as an active ASRS member in case you become disabled before retirement. There is a six-month waiting period, and the LTD administrator must approve the disability claim before you receive disability compensation.
Survivor Benefits are payable upon your death whether you are an active or retired member. As a retired member, the benefits paid to your survivor are determined by the retirement option chosen. As an active member, your beneficiary is entitled to your account balance TIMES two. Your survivor is also entitled to health insurance benefits whether you are an active or retired member.
Retirement benefits are available to you in a reduced amount as early as age 50 with five or more years of credited service. You may retire before age 50 if you have at least 80 points (age plus credited service).
Group health insurance coverage is available to you as a retired or disabled ASRS member if you do not select your former ASRS employer’s group health insurance plan.
Health insurance premium benefits help you cover the cost of health insurance premiums as a retired or disabled ASRS member if you have five or more years of credited service. You must be insured through the ASRS or an ASRS employer’s group health insurance program.
How is my benefit determined?
As a defined benefit retirement plan, the ASRS pays your retirement based on a set formula:
Defined Benefit = Total Credited Service X Multiplier* X Average Monthly Compensation
*The graded multiplier factor is a percentage set by statute. It is based on your total years of service at retirement. The following is the current effective schedule will provide you with your factor.
| Year of Service |
Multiplier |
|
0.00 to 19.99 |
2.10% |
|
20.0 to 24.99 |
2.15% |
|
25.0 to 29.99 |
2.20% |
|
30.0 or more |
2.30% |
Total credited service is the period of your employment during which you are a member making the required contributions to the ASRS plus any service purchase credited to your account.
Your average compensation is determined by dividing the 36 consecutive months of your highest earnings within the last 10 years of service by 36. (For members on a contract for at least 9 months, the contract period counts as 12 months for averaging compensation.) Lump-sum payments for vacation or sick leave, compensatory time or any other pay that you receive when you leave employment are NOT considered compensation.
For more information on ASRS retirement benefits, download the PDF formatted of the ASRS Member Handbook.