The Arizona State Retirement System (ASRS) offers its participants the chance to put aside money for retirement during their working years. Employees who leave the ASRS program, whether through job termination or retirement, have several options for the allocation of their ASRS funds. It is possible to roll ASRS funds into an Individual Retirement Account (IRA) without paying any tax penalties, but you must follow the proper procedures.
Navigate to the ASRS "Application For Withdrawal Of Contributions And Termination Of Membership" and "Ending Payroll Verification" form page (see “Resources”) and print a copy of both forms.
Complete section one of the "Application For Withdrawal Of Contributions And Termination Of Membership" form. Required information includes name, address, phone number, Social Security number and date of job termination.
Check the box labeled "100% Direct Rollover to Eligible Retirement Plan" in section two of the form.
Check the box labeled "Traditional IRA" underneath the heading "Receiving Eligible Retirement Plan Information."
Complete the field requiring your IRA account number, the name of the receiving institution (your bank or financial institution) and the address for the receiving institution.
Skip section three of the form and proceed to section four.
Read each item listed in section four and verify that you are eligible to request this transfer. Sign and date the bottom of section four. This concludes the "Application For Withdrawal Of Contributions And Termination Of Membership" form.
Complete section one of the "Ending Payroll Verification" form (this form appears directly beneath the "Application For Withdrawal Of Contributions And Termination Of Membership" form.) Required information includes name, telephone number and Social Security number.
Mail or otherwise present both forms to your former ASRS employer. Your employer must complete the remainder of the "Ending Payroll Verification" form and is responsible for submitting the forms to the ASRS. When the ASRS receives the completed forms from your former employer, your ASRS money will be rolled into the IRA you designated.