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System Members

System Members

This section of the ASRS website provides information specifically for our members who retired under or are still part of the original System Plan.

The System Plan is a defined contribution style-plan, and was the original retirement plan when the ASRS was created in 1953. Benefits are based on the total amount of both employee and employer contributions, plus interest and supplemental credits at the time of retirement.

In 1970, the Arizona Legislature authorized creation of a Defined Benefit Plan, contingent upon the election of at least 70 percent of ASRS membership to transfer to the new plan. Under the Defined Benefit Plan, benefits are determined by a formula based on years of service and average salary. More than 80 percent of the membership voted to transfer to the Defined Benefit Plan, which became effective on July 1, 1971. Since that time, all new members to the ASRS are enrolled in the Defined Benefit Plan.

However, System plan members who opted not to transfer to the Defined Benefit Plan still remain in the Defined Contribution Plan.

2009 Arizona Attorney General's Opinion
RE: Management of State's Defined Contribution System

13th Check Notification

The ASRS Board of Trustees, at its December 4, 2015 meeting, accepted the annual actuarial valuation of the System plan. The valuation, for the fiscal year ending June 30, 2015, showed that there are no excess funds to pay out an increase in 13th checks.

Retired System members who have received a 13th check in the past will again receive a 13th check this year in the same amount as last year’s check. Checks are mailed in mid-December.

The System plan is funded at 79.62% as of June 30, 2015, down from 86.32% from the previous year.

As of June 30, 2015, there were 1,300 System members, including just 6 actively contributing members.

System benefits are based on the total contributions of the employee and employer, plus interest and supplemental credits in a participant’s account at the time of retirement. The 13th check is based upon distributions of past excess returns.

System Actuarial Plan Valuation, June 30, 2015

System Member Statistics

(As of June 30, 2015)

Active System Members

6

  Average age

70.9

Inactive Members

25

  Average age

88.9

Retired System Members

1,269

  Average age

80.5

Total System Members

1,300

 

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