Moving between jobs within the Arizona State Retirement System (ASRS) can come with its share of paperwork, especially when it comes to ensuring your retirement contributions don't miss a beat. If you've snagged a new position with a different ASRS employer, remember to re-enroll to keep your retirement plan on track. As per last week's bulletin by the ASRS, employees need to use their new employer's unique enrollment code to update their existing myASRS accounts.
Each ASRS employer has an enrollment code they dole out to new hires. "When you receive the enrollment code from your employer, simply go through the 'first-time registration' process on the myASRS login page," said the ASRS, highlighting the need for existing members to revisit the enrollment step. This doesn't mean creating a new account; it's an update to your current one, ensuring that your contributions are properly credited to you after your new employer approves the enrollment and your initial contribution land.
A non-ASRS employer, you can leave your ASRS account open and return later when you're ready to retire or bounce back to an ASRS gig. If you haven't touched your contributions during the hiatus, you just pick up where you left off once re-enrolled, contributions stacking right back into your single ASRS account.
If you choose to withdraw your ASRS contributions upon leaving for new pastures, keep in mind that this move forfeits your ASRS membership. As ASNR noted, "If you leave an ASRS employer and choose to forfeit your ASRS Membership by withdrawing your contributions, your ASRS membership will start over should you ever choose to return to an ASRS employer." That's zero service credit, no nest egg in your account. However, if you're feeling the ASRS love again down the road, you'll have the option, after resuming contributions, to buy back those misplaced years of service.
For a complete breakdown of how to navigate the transition between ASRS employers and what it means for your retirement plan, or if you're pondering a service purchase, the ASRS suggests a dive into their recent article for further insights.
