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Retirement Programs and Long- Term Disability. Social Security and Federal Old Age Survivors Disability Insurance. The Federal Insurance Contributions Act (FICA) is a payroll tax withheld from paychecks for both Social Security (OASDI, Old Age Survivor and Disability Insurance) and Medicare (Hospital Insurance). Social Security (OASDI) is withheld on taxable gross income up to a certain wage limit each year, but there is no wage limit for Medicare withholding. Nonresident aliens may be exempt from paying FICA payroll tax. Participation in a State of Arizona Retirement Program. Individuals who are employed at 2. FTE) or more for a period of twenty (2. Arizona law to participate in a recognized state of Arizona retirement plan. Participants and the University both contribute a percentage of gross earnings by pre- tax payroll deduction. Contribution rates are subject to change on a fiscal year basis. Each retirement plan includes long- term disability insurance. Non- pharmacy clinical assistants, postdoctoral research associates, and nonresident aliens are ineligible to join these programs. Classified Staff participate in the Arizona State Retirement System (ASRS), a defined benefits retirement plan. Certified Peace Officers participate in the Public Safety State Retirement System (PSPRS), a defined benefits retirement plan. Administrators, Faculty, Academic Professionals, and Service Professionals may make a one- time, irrevocable election to join either the Arizona State Retirement System (ASRS), a defined benefits retirement plan, OR the Optional Retirement Plan (ORP), a defined contribution plan. The retirement plan election must be made within 3. If an individual fails to elect a plan within 3. Retirement Programs and Long-Term Disability. 2 Participation in a State of Arizona Retirement Program. ASRS. 3 Arizona State Retirement System (ASRS) and Long- Term Disability Insurance. ASRS is a defined benefits retirement plan. Participation begins on the first day of the pay period following 1. For individuals with prior ASRS membership and monies on account, the waiting period does not apply, and participation is effective on the first day of the pay period following date of hire. Retirement benefit payments are based on years of service, age at time of retirement, and average earnings. Several payment options are available. Normal retirement is the earliest an employee may retire with a full benefit. A Normal Retirement date occurs under the earliest of the following circumstances. ASRS membership date of June 3. At age 6. 5; or. At age 6. At any combination of years of credited service and age totaling 8. ASRS membership date of July 1, 2. At age 6. 5; or. At age 6. At age 6. 0 with 2. At age 5. 5 with 3. Participants are eligible for retirement benefits if they subsequently discontinue employment with the State of Arizona and leave their contributions on deposit in the plan. Individuals who terminate employment before becoming eligible for a retirement annuity may withdraw their personal contributions with accrued interest. DISABILITY RETIREMENT BENEFITS Wisconsin Retirement System. A: Disability retirement reduces the amount you receive from ICI. The straight life annuity amount of your.Employees hired before July 1, 2. Employees hired on or after July 1, 2. The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways. Members who joined CalSTRS on or after October 15, 1992, and for individuals who elected Disability Retirement Coverage B. Federal Disability Retirement Benefits All Federal and Postal employees can qualify for Federal Disability Retirement benefits. PSFSS Committee: 4/21/11 Item: (d)4 Office of the City Auditor Report to the City Council City of San Jos ASRS membership are not eligible to receive employer contributions when withdrawing funds, unless separation is due to layoff. A six- month qualification period is required before benefits begin. The minimum monthly benefit is $5. ASRS participant and the University pay taxable premiums for this benefit. Public Safety Personnel Retirement System (PSPRS) and Long- Term Disability Insurance. PSPRS is a defined benefits retirement plan. Participation begins on the first day of the pay period following date of hire. Retirement benefit payments are based on years of service, age at time of retirement, and average earnings. Several payment options are available. Normal retirement date is the earliest an employee may retire with a full benefit. A Normal Retirement date occurs under the earlier ofcompletion of twenty years of credited service, orat age 6. Participants may have a vested right to some level of retirement income, based on the plan\'s rules, after accruing sufficient credited service years. Once vested, if the employee separates from employment prior to retirement, the employee is eligible to receive employer contributions plus interest. The PSPRS vesting schedule is defined in A. R. S. The minimum monthly benefit is $1. University pays the entire premium for this benefit. Optional Retirement Plan (ORP) and Long- Term Disability Insurance. The Arizona Board of Regents. ORP is a defined contribution plan. Participation begins on the date of hire. ORP participants select an authorized investment company and actively direct and manage contributions to their retirement accounts. Retirement benefit payments are based on the value of the accounts at the time a participant withdraws funds. The University\'s matching contributions are held in escrow for five years. After five years of continuous service affecting ORP contributions, all monies held in escrow plus interest are sent to the participant’s ORP investment company. Thereafter, both the participant’s contributions and the University\'s matching contributions are sent to the participant’s ORP investment company every payday. Participants in the ORP who have an active membership (monies on deposit) in a qualified defined benefit or qualified defined contribution retirement plan from a college, university, or higher education organization located in a state other than Arizona, or in a similar type of retirement plan in any country other than the United States, or with the Arizona State University Foundation, the Northern Arizona University Foundation, or the University of Arizona Foundation shall be immediately vested in the Arizona ORP, upon verification of eligibility. Individuals leaving University employment may leave ORP funds on deposit, or request a distribution, transfer, or rollover of funds. Long- term disability insurance is a form of income protection that provides a portion of salary in the event of a disabling illness or injury. The minimum monthly benefit is $1. University pays the entire premium for this benefit. Voluntary Supplemental Retirement Saving Programs. All University employees are eligible to participate in the voluntary supplemental retirement savings programs. Participant contributions are made by payroll deduction, and are taken before taxes are calculated, which reduces the participant’s taxable income. Voluntary deductions such as these are deducted only from the first two paychecks of each month. The University does not contribute to these voluntary retirement savings programs. Participants actively direct contributions to their retirement savings accounts and manage the investments. Contribution changes (start, stop, increase, or decrease) may be made at any time. Investment options are traditional annuity and mutual fund products. Retirement benefit payments are based on the value of the accounts at the time a participant withdraws funds. Additional information, including enrollment instructions and plan comparisons, is available on the Human Resources website. Voluntary 4. 03(b) Plan (Internal Revenue Code . This program is jointly offered to employees by the Arizona Board of Regents and the Arizona Universities, which authorize specific investment companies to help employees save for retirement. Deferred Compensation 4. Plan (Internal Revenue Code . This program is offered by the State of Arizona to all state and university employees; the state authorizes an investment company to help employees save for retirement. Official University Retirement Benefits. To be eligible to receive official University retirement benefits, an individual must: Be considered in retirement status by receiving a distribution from any retirement program recognized by the State of Arizona. Be at least fifty (5. Have completed five (5) years of continuous, benefits- eligible employment in the Arizona University System (or approved leave of absence or long- term disability) immediately preceding retirement; and. Have not been terminated for cause by the University. Notwithstanding these provisions, university peace officers who retire before age fifty (5. Arizona Public Safety Personnel Retirement System but have completed five (5) years of continuous, full- time employment in the Arizona University System (or approved leave of absence or long- term disability) immediately preceding retirement shall also be eligible for this benefit. Retirees who meet these eligibility requirements have access to the following benefits: Free parking permit, for pre- defined locations. Extension of UA e- mail privileges. Discounts at UA Bookstores and season tickets for athletic events. Campus Recreation Center membership. University Library loan privileges. Retiree Accumulated Sick Leave Payment (RASL)Under this program, a retiring benefits- eligible employee who has accrued at least 5. The maximum benefit is 1,5. Benefits are paid out over a three- year period, and appropriate FICA, federal, and state income taxes are deducted prior to the payment of the benefit. The State of Arizona General Accounting Office (GAO) maintains and administers the Retiree Accumulated Sick Leave (RASL) program as defined by Arizona Revised Statutes . Eligibility, application and payment option information is available on the GAO\'s RASL website. Eligible retirees may apply to the General Accounting Office, which has sole discretion to grant or deny payment under for the RASL program. The RASL benefit value is calculated by multiplying the hourly pay rate at the time of retirement by the number of unused sick time hours (up to 1,5. University\'s payroll system, and multiplied by the appropriate following percentage: At least 5. At least 7. 50 but less than 1,0. At least 1,0. 00 but less than 1,5. The hourly pay rate is calculated using the following methods. Hourly pay rate for fiscal- year employees = Annualized Pay . Prior to retirement employees should also consult the Benefits Department for an explanation of retiree benefits.
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