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.