On retirement a member may elect a straight life annuity or an optional form. Optional forms are the actuarial equivalent of the straight life amount, using mortality and interest assumptions approved by the board. The statute gives no factor values. ASRS Re-Retirement Application, p. 1 (Section 3); A.R.S. 38-760(A)-(B); A.R.S. 38-711(2), (22)
Straight life annuity
$3,450.00Equal monthly payments for the member's lifetime; the formula amount.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-757(B); A.R.S. 38-711(22)Joint and survivor: 100% to contingent annuitant
less than $3,450 Check with ASRSReduced amount for life; after the member's death all of it continues for the contingent annuitant's lifetime.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(1)Joint and survivor: two-thirds to contingent annuitant
less than $3,450 Check with ASRSReduced amount for life; after the member's death two-thirds continues for the contingent annuitant's lifetime.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(1)Joint and survivor: one-half to contingent annuitant
less than $3,450 Check with ASRSReduced amount for life; after the member's death one-half continues for the contingent annuitant's lifetime.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(1)Period certain and life: 5 years
less than $3,450 Check with ASRSActuarially reduced lifetime payments, guaranteed for 5 years; named period-certain contingent annuitants (or the estate) receive any payments left in the period.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(2)Period certain and life: 10 years
less than $3,450 Check with ASRSActuarially reduced lifetime payments, guaranteed for 10 years.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(2)Period certain and life: 15 years
less than $3,450 Check with ASRSActuarially reduced lifetime payments, guaranteed for 15 years.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(2)Partial lump sum (with any option)
up to $124,200 cash Check with ASRSA member may take a partial lump sum of 1 to 36 months of benefits at retirement; the lifetime benefit is reduced to pay for it, and the election cannot be changed once the retirement date has passed. Paid directly, ASRS withholds 20% of the taxable amount for federal tax and 5% of the gross for Arizona; it can be rolled over instead. Processing may take up to 90 days. A 38-767 increase is calculated without regard to the lump sum. In our example, 36 × $3,450.00 = $124,200 at most. ASRS figures the smaller monthly check afterward.
ASRS Re-Retirement Application, p. 2 (Section 6); A.R.S. 38-760(B)(3), (3)(a)-(b)
Survivor, period-certain and partial lump-sum options are worked out from your age and your beneficiary's age. Neither ASRS's publications nor the law print the factors.
We do not show dollar amounts for these options. Ask ASRS for an estimate that uses your beneficiary's age.
ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B); A.R.S. 38-711(2). What would settle it: ASRS option factor tables or a personal estimate in myASRS.Rules that come with your choice
- A married member must elect a joint and survivor option (100%, 66 2/3% or 50%) with the current spouse as primary beneficiary, unless a notarized Spousal Consent form is filed for any other choice. ASRS Re-Retirement Application, p. 1 (Section 3); A.R.S. 38-760(C)
- After benefits begin, a joint-and-survivor retiree may name a different contingent annuitant (benefit re-figured on the new annuitant's age) or rescind to a straight life annuity including later increases. Retirees whose original retirement date is on or after July 1, 2008 get a one-time rescission if the contingent annuitant dies or ceases to be one under a QDRO. Spousal consent is required when the contingent annuitant is the current spouse. A.R.S. 38-760(B)(1)(a)-(e)
- Retirees on or after July 1, 2008 with a period-certain option get a one-time rescission if the contingent annuitant dies, ceases to be one under a QDRO, or the period ends. A.R.S. 38-760(B)(2)
- Other actuarially reduced optional forms prescribed by the board. A.R.S. 38-760(B)(4)
A survivor or period-certain option also lets you choose an optional premium benefit that can continue to your contingent annuitant. ASRS Premium Benefit page, Optional Health Insurance Premium Benefit; A.R.S. 38-783(H)-(J) Health insurance premium help
From ASRS and the law
- Options: straight life annuity; joint and survivor with 100%, two-thirds, or one-half continuing to your contingent annuitant; or period certain and life with 5, 10 or 15 years guaranteed.ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B)(1)-(2)
- If you are married when you retire, you must choose a joint and survivor option with your spouse as primary beneficiary unless you file a notarized Spousal Consent form.ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(C); A.R.S. 38-776
- You can take a partial lump sum of 1 to 36 months of benefits at retirement; your lifetime benefit is reduced to pay for it. Paid to you directly, ASRS withholds 20% for federal tax and 5% for Arizona tax.ASRS Re-Retirement Application, p. 2; A.R.S. 38-760(B)(3)
- Check with ASRSSurvivor and period-certain options are the actuarial equivalent of the straight life amount. The reduction factors are set by the ASRS board, not by statute.ASRS Re-Retirement Application, p. 1; A.R.S. 38-760(B); A.R.S. 38-711(2)Factor tables come from ASRS.
- After retirement you can name a different contingent annuitant or switch back to a straight life annuity, subject to spousal consent and limits for retirements from July 1, 2008.A.R.S. 38-760(B)(1)(a)-(e)
- The Article 2 section list (A.R.S. 38-711 to 38-794) has no DROP (deferred retirement option plan) for ASRS members. The closest feature is the partial lump sum of up to 36 months of benefits at retirement.A.R.S. 38-760(B)(3)
What a beneficiary receives under each option is on the survivor benefits page. Choosing a joint and survivor or period-certain option also opens the optional health premium benefit for your beneficiary, and the straight life figure comes from the benefit formula.
Questions
Which ASRS option pays the most each month?
The straight life annuity. It pays for your lifetime only. Every other option is reduced to pay for a survivor or a guarantee.
How much less do the survivor options pay?
They are the actuarial equivalent of the straight life amount, using assumptions the ASRS board approves. Neither ASRS's publications nor the law print the factors. Your myASRS estimate shows them for your beneficiary's age.
Do I have to pick a survivor option if I am married?
Yes: a joint and survivor option with your spouse, unless you file a notarized Spousal Consent form (ASRS Re-Retirement Application, p. 1 (Section 3); A.R.S. 38-760(C)).
Source: ASRS Employer Basics 2025 handbook, March 2025 edition, saved Nov. 12, 2026; with other ASRS publications and the Arizona Revised Statutes. Also ASRS Application for Re-Retirement Benefit, pp. 1, 2. Also A.R.S. 38-711, 38-757, 38-760, 38-776 (Arizona Revised Statutes, Title 38, Ch. 5, Art. 2). Last reviewed .