The amount of the death benefit will be two times the employee's balance. Beneficiary Designations Faculty members and academic professionals are urged to keep their beneficiary designations current at all times, to ensure that in the event of death their retirement account will be paid out in accordance with their wishes. If the faculty member or academic professional is not survived by a properly designated beneficiary, any amounts due from an account will be paid to his or her estate. The faculty member or academic professional will be eligible for a retirement annuity on attainment of normal retirement age or a reduced benefit on attainment of age 50 with five or more years of credited service. If the participant elects to receive a refund, any future right to retirement or death benefits from the plan is waived as membership in ASRS ceases upon the refund.
Refunds are subject to federal and state income tax withholding.
The faculty members or academic professional will be eligible for a retirement annuity on attainment of normal retirement age or a reduced benefit on attainment of age 50 with five or more years of credited service. Schedule an exit interview with the HR partner for the faculty member or academic professional. Death Payments Responsibility Action Beneficiary Contact the Arizona State Retirement Office.