As an ASRS employer, you play a crucial role in securing your employees' financial future. Actively facilitating their enrollment in their Arizona State Retirement System’s online Secure Account isn't just a procedural task – it is a vital step that benefits both your employees and your organization.
Why is Online Enrollment Essential?
- Protects Your Employees: Enrollment safeguards your employees' retirement funds by allowing them to establish a secure online account and prevent fraudulent activity.
- Empowers Your Employees: Enrolled employees gain access to their ASRS accounts after their enrollment is submitted and their first contributions are posted to their account. After that, they can track their member balance, generate their own statements and benefit estimates, and even apply for retirement benefits online when the time comes.
- Reduces Employer Burden: When employees are enrolled online, they can independently access information and manage their ASRS contact information. They can also contact the ASRS directly by secure message, reducing the need for employer intervention in routine inquiries.
- Ensures Compliance: Employees who meet membership criteria are employed in a position that is expected to work at least 20 hours per week for at least 20 weeks in the fiscal year. Timely online enrollment for employees who meet this membership criteria ensures that your organization remains compliant with ASRS regulations, which avoids potential future complications for the employer and the employee.
Your Role in the Enrollment Process
- Provide Clear Guidance: Equip your new hires with your organization’s unique enrollment codes and easy-to-understand instructions on completing the online registration.
- Active Follow-Up: Don't let pending enrollments slip through the cracks. Regularly monitor your "Enrollments Required" report and proactively reach out to employees who haven't completed the process.
- Assist with Challenges: Provide resources for employees facing enrollment hurdles. Direct them to call ASRS if they need help navigating the online system, or if they have account-specific questions about retirement. Your support can make a significant difference.
- Emphasize the Importance: Communicate the value of online enrollment to your employees by sharing the New Member Guide. Contact the ASRS member education team to share the benefits of ASRS membership.
- Provide Clear Guidance: Equip your new hires with your organization’s unique enrollment codes and easy-to-understand instructions on completing the online registration.
Addressing Former Employee Enrollments
Even when employees move on, their ASRS online enrollment remains crucial. Encourage departing employees to complete enrollment. This will enable them to access and manage their ASRS account, update their beneficiary information, apply for a refund if eligible, and more.
By prioritizing ASRS Secure Account online enrollment for current and former employees, you demonstrate your commitment to their financial well-being and contribute to a smooth and efficient retirement system for all.
Helpful links to share with your employees:
By Genevieve McBride
Published 12/19/2024
