Arizona State Retirement changes impact paychecks
Paychecks for many NAU employees may look different this week
as changes kick in for employees
enrolled in the Arizona State Retirement System.
Effective in Friday’s paycheck—the pay period beginning June
27—participants will see an 11.39 percent contribution, which is 1.54 percent
higher than the previous rate.
In addition to a rate increase, recent legislation changed the
employee contributions to the ASRS from a 50 percent employee / 50 percent
employer contribution rate split to 53 percent employee / 47 percent employer,
with the savings required to be returned to the state’s general fund.
The new contribution rate will apply to all classified
staff and service professionals and faculty who participate in ASRS.