Arizona ASRS Retirement Calculator

How ASRS calculates your benefit

The rules here come from Arizona statute (A.R.S. 38-711, 38-757 and 38-758) and the ASRS Road to Retirement guidebook dated May 1, 2024.

Monthly Benefit = Credited Service x Graded Multiplier x Average Monthly Compensation

The graded multiplier

The multiplier depends on your total service at retirement, and it applies to every year, not just the later ones:

• Under 20 years: 2.10%
• 20.00 to 24.99 years: 2.15%
• 25.00 to 29.99 years: 2.20%
• 30 years or more: 2.30%

The guidebook's example: 20 years x 2.15% x $3,600 = $1,548 a month. Crossing a threshold lifts the whole benefit. At $6,000 AMC, 29.9 years pays $3,947 and 30 years pays $4,140.

Average monthly compensation

If you joined before July 1, 2011, AMC is your highest 36 consecutive months of pay within your last 120 months. If you joined on or after July 1, 2011, it's the highest 60 consecutive months within the last 120. Termination pay such as unused leave is excluded. (Members who joined before 1984 get the higher of the 36-month figure or a 60-month figure that includes some termination pay.)

Normal retirement depends on when you joined

Joined before July 1, 2011. The earliest of:

• Age 65
• Age 62 with 10 years
• Age plus credited service of 80 points, at any age. ASRS's example is 49 with 31 years.

Joined on or after July 1, 2011. The earliest of:

• Age 65
• Age 62 with 10 years
• Age 60 with 25 years
• Age 55 with 30 years

The later group has no points rule. A 54-year-old with 36 years is still early.

Early retirement

Anyone 50 or older with 5 years of service who has left ASRS employment can retire before their normal date. The reduction is set in A.R.S. 38-758 and is permanent: 5% for each year between 50 and 60, and 3% for each year between 60 and 65.

For members who joined on or after July 1, 2011, the years are counted back from 62 if you have 10 or more years, or from 65 if you have 5 to 9.99. At 55 with 20 years: 2 years x 3% plus 5 years x 5% = 31%, so you keep 69%. At 50 with 15 years you keep 44%.

For members who joined before July 1, 2011, the count starts at 60 with 20+ years, 62 with 10 to 19.99, or 65 with 5 to 9.99. If your age plus service is 77 to 79.99, there's a second option: 3% for each point, or fraction of a point, short of 80. ASRS's table shows you get whichever cut is smaller. At 50 with 27 years that's 9% (77 points) instead of 50%.

With fewer than 5 years, you can't draw a pension before 65.

No automatic COLA

ASRS doesn't adjust benefits for inflation automatically. Under A.R.S. 38-767, members who joined before September 13, 2013 may get a Permanent Benefit Increase each July 1. It's only paid from excess investment earnings, meaning years when the yield on the fund's actuarial assets tops 8%, and the total is capped at 4%. It's split by years of credited service, not as a flat percentage. Members who joined on or after September 13, 2013 aren't eligible at all. Plan on a flat check.

ASRS and Social Security

The guidebook treats Social Security as a separate benefit alongside the ASRS pension. It's paid by the federal government, and you apply for it with SSA, not ASRS.