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Your Defined Benefit Plan vs a Defined Contribution Plan

By David Cannella, Media Relations

This is the first in an occasional series on Defined Benefit Plans and your ASRS benefits.

Contribution Rates For Fiscal Year 2018

New contribution rates are set to take effect July 1, 2017, the start of the new fiscal year. The contribution rate for the defined benefit pension plan paid by members and employers will remain at the current rate of 11.34 percent. The rate for the long-term disability program will increase slightly, from 0.14 percent to 0.16 percent.

Helpful Reminders for Your Ending Payroll Verification Forms

Public schools constitute a large portion of ASRS membership, which is why our busiest season for new retirements is summer – right after the school year ends.  That leads to an increase in Ending Payroll Verification (EPV) forms for employers, so we thought now might be a good time for a few helpful reminders about this online application.

The Benefits of Keeping Your Employer Account Updated

Please keep the ASRS informed about changes to your employer information.  Changes such as legal dissolutions, modifications to charter contracts, employee leasing, mergers, Joint Powers Authorities, and business name changes require documentation.  Updating your employer information on a regular basis is essential for the integrity of our data and to help us better serve our employer partners and members. 

Termination Incentive Plans; A.R.S. § 38-749

The ASRS employs a number of safeguards to ensure final pension payments made to members are fair and accurate.  One of the final steps in the process is a full audit of a member’s account to ensure the correct figures were used in calculating the final benefit payment.

 

2017 Legislative Session: Updates & Notes

The 2017 Legislative Session began on January 9, 2017 with 23 freshman legislators and  Senator Steve Yarbrough (Chandler) filling the role of Senate President and J.D. Mesnard (Chandler) becoming the Speaker of the House. The ASRS proposed 6 legislative initiatives with 5 of them passing the legislature and receiving the Governor’s signature. 

Employer-Only Payments to Members' Deferred Compensation Plans

This spring, the ASRS began notifying employers about a ruling by the Arizona Supreme Court that changes the way the ASRS has interpreted the definition of ASRS compensation.  The ruling affects employer-paid contributions into deferred compensation plans for employees. 

Access to Employer Secure Messaging

Are you familiar with Employer Secure Messaging and it's benefits?

Basics For Employers: Helping You Navigate the ASRS

Have questions on your role as an ASRS liaison? Join us for our training seminar!

The Importance of Being Enrolled in the ASRS

Are your employees all enrolled with the ASRS? Proper enrollment and registration can help secure accounts and allow access to many member benefits.

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