Member Benefits

As a participant in EORP, the benefits that are available to you vary depending on your Membership Tier:

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:


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 who does not have an active, inactive, or retired account with the EORP or 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 AgreementFor additional rate and Retirement Path information, see EODCRS

Making the Choice

As a Tier 1 Member, you may estimate your monthly retirement benefit payment by using our EORP Retirement Excel Spreadsheet Estimator located in the Resources section of our Forms & Resources webpage, or as a Tier 1 or 2 Member, you may Contact Us to provide you with an estimate, retirement packet, application for 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

For additional resources, Plan summary, guide books and forms, you may access our Forms & Resources webpage and for the latest news and information, we encourage you to Sign Up for News and Updates.  To estimate future benefits, you may Contact Us, or visit our Applying for Benefits webpage for retirement information.