Arizona University System - Optional Retirement Plan (ORP)

According to the ORP Plan booklet, issued by the Arizona University System, eligible employees are required to participate in a retirement plan. Some employees, based on the job performed, will have a choice of mandatory plans. These employees (faculty, administrators, and service and academic professionals) are eligible to participate in either the Arizona University System Optional Retirement Plan (ORP) or the Arizona State Retirement System (ASRS). All other University System employees must participate in the ASRS plan.

According to the document, the retirement benefit is based on the performance of investments you select. The ultimate account balance is a result of the amount of contributions deposited to your account and the performance of your chosen investments.

Plans Offered: The Arizona University System offers two retirement plans — the ASRS and the ORP plans. You can select only one plan and you cannot change between the ASRS and ORP plans once you have chosen. This is an irrevocable election. The ORP offers a choice of two investment providers to maintain your account and invest your contributions.

For details and up-to-date information concerning retirement plans offered by the Arizona University Systems, visit the following official site:

http://hr.nau.edu/node/2121

Tags: University, College, State

Related