32 · Survey Results: Survey Questions And Responses
salary to your beneﬁt. Service greater than 30.000 is multiplied by 2.5 percent of FAS. The annual beneﬁt may not
exceed 100 percent of ﬁnal average salary or the limits under Internal Revenue Code Section 415.
Total credited service x graded multiplier x average monthly compensation. The period of your employment during
which you are a member making contributions to the ASRS, plus any service purchased and credited to your account.
Multiplied by a percentage set by statute. It is based on your total years of service at retirement. Multiplied by
Determined by one of two calculation methods: the 36-month or 60-month calculation.
8. Under the deﬁned beneﬁt plan, do your retirees receive a health insurance premium subsidy?
Yes 29 74%
No 10 26%
9. Additional comments about the deﬁned beneﬁt retirement plan. N=13
After April 2010, health plan is subsidized up to age 65, and then no longer subsidized. Employees hired before that
date, they are currently being subsidized until death.
As part of your beneﬁts of membership, the ASRS provides a health insurance premium beneﬁt to supplement the cost
of retiree health insurance. Retirees with ﬁve or more years of credited service who have health insurance through the
ASRS or their former employer are eligible for a monthly premium beneﬁt, which is paid to the health insurer or your
former employer. The Premium Beneﬁt ranges from $75 to $215 per month, depending upon years of service and
Employees may accrue sick leave until retirement. At retirement, the sick leave is “cashed out” at the last wage
multiplied by hours earned. This creates a holding account from which health insurance may be paid in the retirement
years. If you leave state service prior to retirement age, although you are eligible for a pension, you are not eligible for
the sick leave/insurance option.