One of our priorities at the Arizona State Retirement System is to utilize technology to create efficient, user-friendly products for our members and employer partners. For the last few months, our Application Development team has been designing a new employer function that will allow employers to submit Miscellaneous ACH payments electronically from within their employer secure account.
This new function will be released in early March, at which point employer secure account users with the appropriate account designation will notice a new "ACH Miscellaneous Payments" link on the left-hand navigational pane when they login. Upon launch, payments such as Employee Termination Pay, Service Purchase, Garnishments, Notice of Liability, and Health Insurance Premium Benefit Overpayments that employers previously sent via a paper check will now be payable via electronic payment. Please keep in mind that this new feature is separate from ASRS contribution payments, which have been made electronically for several years.
Also appearing in the early March release will be an "ACH Account Profile" link. This link will allow users to add multiple bank accounts to their ASRS employer profile. For instance, if an employer uses a checking account at ABC bank solely for ASRS contribution payments and a separate account at Bank of State for Health Insurance Premium Benefit Overpayments, they will now be able to have both banks' information saved. This new function will make for easier payment transactions when employers designate specific bank accounts for different ASRS related payments.
The ASRS will be posting an interactive E-Learning on the ACH Miscellaneous Payment launch date. This E-Learning will provide participants with step-by-step instructions on submitting an ACH Misc. payment to the ASRS. Please keep an eye out for it on the Employer section of the ASRS website.
