As we continue to adapt and adjust to our pandemic and post-pandemic lives, I would like to take a moment to address a question that I have been asked by our members multiple times during the past several months.
Since the outbreak of the coronavirus, and the subsequent impact on the overall economy and investment markets, I have received several inquiries from retirees - that are also relevant to our actively working members - with respect to the safety of current and future pension payments. As such, I would like to take this opportunity to assure you that the ASRS will continue to pay both current and future pensions, in addition to providing all of the ASRS services – such as retiree health insurance coverage, forfeitures, and new retirement processing – which our members rely upon.
The ASRS will continue to pay current and future monthly pensions on time, every time, irrespective of investment market conditions or our workforce’s telework status. From the time of your first payroll contribution to the ASRS, you are vested in the pension plan. And your pension from the ASRS is supported by Arizona statutes, Article 29 of the Arizona Constitution, a history of judicial precedents, future contributions, and the approximately $40 billion ASRS investment portfolio.
With respect to ASRS investments specifically, we have developed a highly diversified investment portfolio which includes stocks, bonds, real estate, and other assets which is designed to generate high rates of return, while providing significant liquidity when investment markets are in distress such as they have been recently. As with prior financial crises, the investment markets and the economy will likely continue to recover, and the ASRS and most other longer term investors will participate in that recovery.
On behalf of the ASRS - thank you each for all that you have done, and continue to do, for our state, our counties, our municipalities, our schools, and our communities.
