Is Asrs a 457 Plan?

The ASRS SSDP is qualified under Section 403(b) and 457 of the Internal Revenue Code. The SSDP allows eligible members to contribute tax-deferred money into an account that can be drawn upon retirement. ASRS members are eligible to participate in this plan only if their employer signs up for the plan.

What type of retirement plan is ASRS?

The ASRS is a defined benefit plan and is tax qualified under section 401(a) of the Internal Revenue Code. It provides for a lifelong benefit based on years of service earned, or worked, and your ending salary.

Is ASRS a 401k?

For starters, the ASRS is what's called a “Defined Benefit Plan.” In technical terms, it's a 401(a) plan that is governed by Arizona statute and IRS rules. A more simple explanation: it's a mandatory-participation retirement plan that provides ASRS retirees with benefit payments for the rest of their life.