Here's What's New!

Balance of Contract Pay is a concept frequently encountered by Arizona State Retirement System (ASRS) employers, especially in educational institutions where employment contracts often span an academic year. Understanding how this type of compensation fits within ASRS rules is essential for accurate reporting and helping employees make informed retirement decisions. 

What is Balance of Contract Pay?

Internal Revenue Code (IRC) section 401(a)17 limits compensation beyond which no further retirement contributions may be deducted from an employee’s earnable salary for a given year. This limit applies to all ASRS members, but the maximum compensation limits differ depending on an individual member’s enrollment date.

In today’s digital age, ensuring your personal information remains safe while communicating with ASRS is more important than ever. That is why ASRS offers our Member Secure Messaging (MSM) program, a trusted, confidential, and efficient way for members to get in touch with a representative.

A Safe and Secure Way to Communicate

If you are new to your position or would like to refresh your knowledge about the employer responsibilities associated with the Long Term Disability program, please join us for one of the LTD sessions scheduled as part of the ASRS Basics for Employers series on Wednesday, July 9th at either 9:00 a.m. or 1:00 p.m. We will cover essential information regarding LTD regarding the claim packet requirements, how to submit documents, and how to access the Broadspire portal.

As we approach retirement season at the ASRS, we wanted to take this opportunity to highlight the importance of the Ending Payroll Verification (EPV) form. There are four scenarios when an EPV form is required from an employer:

1. A member applied for a refund of their contributions and had contributions reported by your organization in the last 6 months, or

Do you manage contribution reporting to the Arizona State Retirement System (ASRS)? We've heard your feedback and are excited to announce new training opportunities designed to help you correct contribution reports and apply credits and adjustments.

The Arizona State Retirement System (ASRS) is excited to introduce a new feature designed to provide enhanced support to our valued employers: Co-Browsing. This tool allows ASRS agents to assist you more effectively by viewing your screen and guiding you through your Employer Secure Account in real time.

As an employer participating in the Arizona State Retirement System (ASRS), it's important to understand what information the ASRS is statutorily allowed to release and how to guide your employees with questions about their ASRS accounts. While the Employer Relations Team strives to provide you with the information you need to assist your employee through ASRS processes like withdrawing their contributions, retirement or purchasing service, we are limited by statute in what information we can share.

As an employer participating in the Arizona State Retirement System (ASRS), it's crucial to understand your responsibilities when implementing reduction in force (RIF) measures. This article outlines the necessary steps to notify ASRS and accurately complete Ending Payroll Verification forms for terminated employees seeking a refund of their ASRS account due to a RIF.

Notification to ASRS Regarding RIFs

As an ASRS employer, you play a crucial role in securing your employees' financial future. Actively facilitating their enrollment in their Arizona State Retirement System’s online Secure Account isn't just a procedural task – it is a vital step that benefits both your employees and your organization.

Why is Online Enrollment Essential?