As a participant in the EORP, the benefits that are available to you vary depending on your Membership Tier:
- Early Retirement Benefit
- Normal Retirement Benefit
- Disability Pension
- Health Insurance Premium Benefit (Subsidy)
- Survivor Benefits
Newly appointed or elected officials on or after January 1, 2014, see EODCRS.
Early and Normal Retirement Benefit Calculations
For Tier 1 and 2 DB Members, your retirement benefit is payable to you for your lifetime and is calculated using a formula that takes into consideration factors such as:
- Which Membership Tier you belong to,
- Your total credited service,
- Your monthly average salary, and
- In some instances, your age
Membership Tier 1
Early Retirement
|
Age |
Credited Service |
Calculation (not to exceed 80% of the average yearly salary) |
|
None |
5 years |
• Average Monthly Salary x .04 (multiplier) x Credited Service = Gross Monthly Pension based on Normal Retirement • Gross Monthly Pension based on Normal Retirement x .0025 (reduction factor not to exceed 120 months or 30%) x months to normal retirement = Monthly Reduction • Gross Monthly Pension based on Normal Retirement – Monthly Reduction = Gross Monthly Pension Based on Early Retirement |
Normal Retirement
|
Age |
Credited Service |
Calculation (not to exceed 80% of the average yearly salary) |
|
62 |
10 years |
Average Monthly Salary x .04 (multiplier) x Credited Service = Gross Monthly Pension |
|
65 |
5 years |
Average Monthly Salary x .04 (multiplier) x Credited Service = Gross Monthly Pension |
|
Not required |
20 years |
Average Monthly Salary x .04 (multiplier) x Credited Service = Gross Monthly Pension |
Membership Tier 2
Normal Retirement
|
Age |
Credited Service |
Calculation (not to exceed 75% of the average yearly salary) |
|
62 |
10 years |
Average Monthly Salary x .03 (multiplier) x Credited Service = Gross Monthly Pension |
|
65 |
5 years |
Average Monthly Salary x .03 (multiplier) x Credited Service = Gross Monthly Pension |
Membership Tier 3
If you are a newly appointed or elected official that does not have an active, inactive, or retired account with the EORP or the ASRS, you are required to pay into the Elected Officials’ Defined Contribution (DC) Retirement System (EODCRS) plan. Employee and employer contributions and earnings are immediately vested in this Plan. For an outline of this DC plan currently administered by Nationwide Retirement Solutions, see AZ PSPRS 401a Elected Officials Plan Overview. You will also need to contact your employer to begin making contributing to the plan and will also need to complete an EODCRS Nationwide Participation Agreement. For additional rate and Retirement Path information, see EODCRS
Making the Choice
As a Tier 1 Member, you may estimate potential benefits by using our EORP Retirement Excel Spreadsheet Estimator and/or as a Tier 1 or 2 Member, since the PSPRS Administrative Office and Board of Trustees is the Local Board for the EORP membership, you may Contact Us to provide you with an estimate, retirement packet, request for disability, or survivor benefits. All Tier 3 Members participating the in the EODCRS will need to contact Nationwide Retirement Solutions for benefit inquiries.
Additional Resources
You may access your account at Members Only, or you may Contact Us for an estimate or retirement packet. For additional benefit information, you may access the EORP Member Handbook.
