ASRS Budget
The Arizona State Retirement System (ASRS), 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.
One-year budget requests for fiscal year are structured to provide the essential resources required to achieve the purpose and mission of the agency. The appropriated budget request is in alignment with the strategic vision, goals, and objectives encompassed in the ASRS Strategic Plan. By developing and implementing flexible and fiscally responsible budgets, the ASRS is able to support key agency objectives and priorities as well as reflect a commitment to achieving efficiencies through maximizing resources and constraining costs.
Funds for the ASRS budget come from the ASRS Trust Fund rather than general funds appropriated by the state.
ASRS Budget Request - Fiscal Year 2024
ASRS Budget Request - Fiscal Year 2023
ASRS Budget Request - Fiscal Year 2022
ASRS Cost Savings Philosophy and Initiatives
The Arizona State Retirement System continues 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 initiatives 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.
Delivering Cost-Effective Quality Service is our Goal
The ASRS strives to provide a high level of services to our members within a cost-effective environment, and recent outside analysis shows we are doing just that. Since 2001, the ASRS has participated in a professional study conducted by an outside firm - CEM Benchmarking Inc. - which analyzes a variety of pension benefit administration data from like-sized public pension plans. The most recent study showed the average cost per active and retired member for the ASRS is $71, well below the peer average of $107.
The ASRS has managed to reduce the total pension administration cost by almost one percent a year over the past seven years. And within this cost-effective environment, ASRS has delivered a service score that is among the top three of our peer universe. The ASRS’ service measure score is 90 out of 100, compared with the peer average score of 80. The service score measured such services as turnaround times for member service requests, availability and choice of services, call center operations, member communications, as well as member satisfaction levels.
The ASRS management team regularly analyzes the results and recommendations from these reports to make improvements in areas that lead to improved services within acceptable levels of capital output. The major takeaway from this year’s survey is that the ASRS continues to have a productive, cost-effective operation that provides members with high levels of service.
The ASRS is in the final year of its current five-year strategic plan. Data points from the CEM survey, as well as internal performance data, customer surveys, and other available data, will be used to help the agency determine its priorities and initiatives for inclusion in the next five-year strategic plan.
