Once we receive your application, we enter your information into our system, validate it for compliance, and place it in either a ‘hold’ queue (if we need additional information before calculating your benefit) or a ‘processing’ queue (if no further information is required to proceed.) Please note that although the ASRS may receive your retirement application before your retirement date, we cannot begin calculating your benefits until the retirement date has passed. Within approximately 5 business days, your submitted application and all elections will appear in your secure myASRS account under ‘Pending Requests,’ regardless of when your retirement processing begins.
Note: In your secure myASRS account, click the ‘Pending Requests’ link to view any documents needed to complete your application, as well as the current status of your retirement application.
As we process your application, any ASRS employers you have worked for over the past 3 years will automatically receive an ‘Ending Payroll Verification’ form, asking for them to confirm your termination date and compensation details before retirement. Your retirement benefit can only be calculated once we receive retirement contributions up to your chosen retirement date. This is typically 2 to 3 weeks after your retirement date.
The most common factors that may delay the processing of your retirement benefit include:
1. Pending Documents: Required documents for finalizing your benefit are still pending. The most common of these is the pending receipt of a Spousal Consent form. To avoid this, ensure you’ve discussed your preferred retirement annuity option with your spouse and jointly agreed on the selected option.
2. Service Purchase: Service purchase payments that are pending, but have not yet been received (particularly if you are using a rollover from another financial institution)
3. Application Changes: Changes made to the retirement application that require additional review or documentation.
4. Late Contributions: Contributions are received from your employer for a period of time worked after your retirement date.
When will I receive my first payment?
Within 10 days of your retirement date, and possibly for a couple of months after, you will likely receive an estimated benefit payment. The estimate check is designed to lessen the impact of any payment disruption caused during the transition from work to retirement.
If your retirement date is between the 1st and 20th of the month, your estimate check will be prorated to cover the number of days you were retired for that month. If your retirement date is later than the 21st, your estimate check will be for the remainder of the current month as well as the following month. You may receive as many as 3 estimate checks during the processing of your retirement.
Note: The estimate check is designed to pay you quickly and not to be a precise retirement calculation. Your estimate check could be as much as 20% lower than your finalized monthly pension benefit. Once your retirement has been finalized, any money you were either underpaid or overpaid while your retirement benefit was being processed, your ‘new retiree’ check will see the adjustment.
What if I want to change my elections?
During the application process, you can log in to your secure myASRS account to review your retirement details, such as your retirement date, annuity option chosen, beneficiary, and other retirement elections.
If you need to make changes, you can update your retirement application either before your elected retirement date or up to 60 days after your retirement date directly through your secure myASRS account. To make your desired changes, log into your secure account go to the "Apply Now" section in the menu, and click "Pending Request". From this page, you will click on "Change Your Retirement Application" Once you have made your desired changes and reviewed your application, click "Submit Retirement".
Members can make a one-time change to their retirement application up to 60 days after their retirement date and keep their original retirement date. The one-time changes include:
- Retirement Annuity Option
- Partial Lump Sum (PLS) Month increment
- PLS election
- Beneficiary if you selected a Joint & Survivor annuity
- Optional Premium Benefit (OPB) program election
- OPB Contingent Annuitant
How long does it take to finalize my benefit?
Generally, it takes about 45 to 90 days for your documents to be received by the ASRS, reviewed, your final contributions to be posted, and your benefit to be calculated and finalized. During this time period, you will receive retirement estimate checks as explained above.
Once we have finalized your application, you will receive the new retiree check, which will take into consideration your final benefit calculation, calculate any health insurance premiums you may owe, as well as any money that you were underpaid or overpaid with estimate checks while your retirement benefit was being processed.
At that point, you will receive your finalized retirement benefit at the beginning of every month for the rest of your life!
