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Who Gets Your Money?

Currently, the ASRS has over 620K members who are either receiving benefits as a retiree or have money on account as an active or inactive member. With that many members, there are a few situations we see all too often. One of those situations is being contacted by the family member of a deceased ASRS member trying to figure out how to manage the now-deceased member’s ASRS account. In the process of helping one recent such case, it was discovered that the deceased member had never registered their myASRS account and didn’t have any beneficiaries listed with the ASRS.

Luckily we have processes in place to help sort out the situation, but circumstances like these can cause unneeded delays and complications during a difficult time. Also, it could mean the account is distributed in a manner that is not of the member's wishes. Without a beneficiary listed, the ASRS follows Arizona statute, which states benefits are to be paid in the following order of priority: 

  1.  The member’s surviving spouse
  2.  The member’s surviving children (including adopted) in equal shares
  3.  The member’s surviving parents
  4.  The member’s estate

While having your information up-to-date with the ASRS may seem inconsequential at first blush, making sure you’re fully, properly registered with the ASRS and have information such as contact info and beneficiaries up-to-date can have a significant impact on both you and your loved ones.

For more information, visit “Choosing Beneficiaries” where we have additional resources, including frequently asked questions, or log into your secure myASRS account.

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