As a member of the Arizona Retirement Security Coalition (ARSC), the Faculty Association works to provide faculty and staff information and resources they need to understand and protect your pension. Currently, private interest groups are planning legislation to move ASRS members into a 401k defined contribution style plan.
Why is that a problem?
ASRS is a defined benefit plan where employers guarantee a specific retirement benefit amount for each participant. On the other hand, a defined contributed style plan is funded primarily by the employee and are invested at the participant’s direction. The employer has no obligation toward the account’s performance.