The Arizona State Retirement System, charged with providing retirement plans and other benefits to qualified member employers, is a state agency and, in accordance with guidelines set forth by the Governor, develops, prepares and submits an annual budget request.
The one-year budget request for fiscal year 2017-18, which runs July 1, 2017 through June 30, 2018, reflects only the essential needs to meet the purpose and mission of the agency. The FY 2017-18 appropriated budget request is in alignment with the strategic vision, goals and objectives encompassed in the ASRS Strategic Plan and will enable the ASRS to meet established goals while maintaining an effective operating cost structure and budget while demonstrating a commitment to fiscal prudence.
Funds for the ASRS budget come from the ASRS Trust Fund rather than general funds appropriated by the state.
ASRS Cost Savings Philosophy and Initatives
The Arizona State Retirement System endevors to exercise fiscal prudence recognizing that dollars saved on administrative expenses are dollars that remain in the Trust Fund for the benefit of members. A number of cost-saving initatives have been implemented over the past several years, producing substantial savings. From modest projects such as reducing printing and mailing costs through expanded use of electronic mediums, to major savings realized through new and expanded online services, the ASRS strives to operate in the most cost-efficient environment.
The ASRS continues to review strategies and ideas that can produce further savings, making these and other initiatives a regular step in our budgeting process.