The Arizona State Retirement System is modifying its payment process beginning January 2019. These modifications are expected to save approximately $1 million per year, further increase our security, and allow the ASRS more flexibility in payment processing.
As a result of the changes, your ASRS deposit will appear with the description “AZ St Retirement”, and will now be processed through Bank of America.
Since the increased system flexibility will enable us to deduct actual cents (rather than rounding to the nearest dollar) for your tax withholdings, your final benefit payment deposits may be slightly different beginning in January.
No action is needed by our retirees or beneficiaries as your direct deposits will continue to be made as in the past.
by Dave Cannella, Public Affairs Officer
This article appeared in "Expanding Your Financial Horizons" (October 2018), a digital publication of the ASRS.
