Every five years, the ASRS develops a new Strategic Plan. This plan is meant to identify key areas the agency wishes to enhance and optimize, as well as areas we’d like to monitor and maintain. Our newest plan, which began on July 1, 2023, will run until June 30, 2028.
The goal for our new strategic plan is to excel in the areas of:
As a member of the ASRS, it’s important to understand the full value of your membership and the benefits available to you both now and in the future.
This includes:
The ASRS Service Purchase Program is a benefit that allows active members with previous qualifying service to purchase past service time. There are 5 types of qualifying service, with the most common being the purchase of Forfeited Service or the purchase of Other Public Service. While it can be costly, it can also be beneficial - potentially increasing your lifetime benefit and/or allowing you to retire earlier than planned.
When thinking about how to keep your myASRS account secure, most probably only think about having a strong password. And, while this absolutely helps, you may want to put some thought into your Login ID as well.
If you are nearing retirement, have you thought about continuing to work after you retire? If the answer is yes, there are several key factors to consider if you plan to return to work, primarily whether you will work directly with an ASRS employer and our 20/20 Membership Criteria.
Working after retiring from the ASRS allows our members to receive their monthly pension while also receiving a paycheck from their new employer. Please also note that you cannot actively contribute to the ASRS and receive your ASRS pension.
Your ASRS contribution rate actually consists of two main parts: the “Pension and Health Insurance Benefit” rate, which is a pre-tax deduction from your paycheck, and the “Long Term Disability Income Plan” rate, which is a post-tax deduction. If you look at your paystub, the pre-tax deduction is listed as “ASRSRET” while the post-tax deduction is labeled “ASRS LTD.”
ASRS Executive Director Paul Matson was recently featured in Benefits Canada, a leading multi-media platform covering the pensions, benefits and investment industry in Canada.
Paul, a native of Canada, held various investment positions in Canada prior to joining the ASRS in 1995.
See: Canada’s lasting influence on Arizona’s public sector pension investor
As of June 30, 2022, the ASRS had 214,210 active members. Those active members work for employers all across the state. Currently, the ASRS has over 700 employer partners – a diverse group of public schools, state agencies, cities and towns, universities, and more.
On July 1, the ASRS will begin a new fiscal year – FY 2023-24. For members, this is always when new contribution rates go into effect. Starting July 1, 2023, the new total contribution rate will be 12.29%, an increase of slightly more than a tenth of a percent from the FY 2022-23 rate of 12.17%.
Understanding Your Contribution Rate
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