ASRS retirees are fortunate to have both a pension and social security benefits... do we really need a savings account as well? Read on for what experts say about the role of personal savings in your financial future.
Latest ASRS Updates
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Why Do I Need Savings If I Have a Pension?
June 27, 2017
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ASRS Legislative News
June 9, 2017The 53rd Legislature – First Regular Session, adjourned on May 10, 2017. The Arizona State Retirement System had five legislative initiatives pass into law. They all have relatively minor impact to members and retirees, mainly clarifying language in existing state statutes.
Below is a brief summary. You can also follow these and other retirement-related bills throughout the legislative session on our ASRS Bill Tracker.
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New Trustees appointed to ASRS Board
May 5, 2017Eight individuals have been appointed or reappointed to the Arizona State Retirement System (ASRS) Board of Trustees. Appointments are made by the Governor and confirmed by the State Senate.
Previously serving appointees are: Tom Manos, former County Manager of Maricopa County; Kevin McCarthy, president of the Arizona Tax Research Association, and Clark Partridge, State Comptroller with the Arizona Department of Administration.
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Ruling changes ASRS compensation definition regarding employer-paid deferred comp payments
April 21, 2017On March 23, 2017, in the case of Wade and Paddock v. ASRS (No. CV-16-0087-PR), the Arizona Supreme Court held that employer-paid contributions on behalf of an employee to a tax qualified deferred compensation plan – such as a 457 or 401(k) – are compensation and therefore require ASRS contributions.
Employee-paid contributions into these plans have always been considered compensation for ASRS purposes. This ruling adds employer-paid contributions are compensation as well.
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March Board, Investment Committee meetings canceled
April 12, 2017Please note that the Board of Trustee meeting and the Investment Committee meeting originally scheduled for March have been canceled. The next scheduled Board meeting will be Friday, April 28 at 8:30 a.m. in the Board Room of the ASRS building, 3300 N. Central Ave., Phoenix. The next Investment Committee will be Monday, April 24 at 2:30 p.m. in the 14th floor conference room at the ASRS building.
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New fiscal year, new contribution rates
February 2, 2017Contribution rates for members and employers have been set for next fiscal year, which begins July 1, 2017.
The total contribution rate for the defined benefit plan, health insurance supplement and long term disability plan will be 11.50 percent for both employer and employee, up just slightly from the total rate of 11.48 percent for the current fiscal year, which ends June 30, 2017.
The new rate will be in effect through June 30, 2018. See Contribution Rates for more information.
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Contribution Rates to remain stable
December 19, 2016After the close of each fiscal year, the ASRS conducts a valuation of the various benefit plans that it manages to ensure they are fiscally sound. From the valuations, contribution rates are set for the next fiscal year. Despite a relatively slow economy and lower investment performance, the contribution rates for the pension plan (which includes the health insurance premium benefit) will remain unchanged for the next fiscal year, which begins July 1, 2017.
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Final Legislative Updates from the 52nd Legislature, Second Regular Session
December 8, 2016The 52nd Legislature – Second Regular Session adjourned on May 7. The effective date for legislation signed into law is August 6, 2016, unless otherwise noted. The following bills related to the Arizona State Retirement System have been passed by the legislature and signed into law by the Governor.
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New administrator selected to oversee ASRS LTD program
August 25, 2016Broadspire Services Inc., a leading third-party administrator, will replace Sedgwick as administrtor of the ASRS Long Term Disability Program effective September 1.
The change should have no major impact for the more than 4,000 members currently on the ASRS LTD plan. A letter from Broadspire is being mailed to all current members receiving Long Term Dsiability benefits.
LTD members may contact Sedgwick with questions about their coverage through Aug. 31. All contact from Sept. 1 forward should be directed to Broadspire.
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Notice Regarding ASRS-sponsored Meetings
July 6, 2016The ASRS conducts educational meetings for its members which are facilitated by ASRS staff. Be advised that private companies and/or financial planners may also publicize their own meetings about retirement preparation, the ASRS and/or Social Security. The ASRS is NOT affiliated with any such meetings and is not responsible for these private solicitations. The ASRS does not make its members' personal information available to private organizations and we strongly caution all members and retirees against providing personal information to persons or organizations unknown to you.
Newsletters
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