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ASRS Legislation for 2018

The 53rd Legislature – Second Regular Session is underway.

The ASRS has introduced four bills this session, all relatively minor in terms of impact to members and retirees.

House Bill 2034 - Amend 38-701(6) to remove the ASRS as state agency responsible for Social Security administration.

ASRS Recognized for Excellence in Financial Reporting

For the 28th consecutive year, the Arizona State Retirement System has been awarded the Certificate of Achievement for Excellence in Financial Reporting for its 2016 Comprehensive Annual Financial Report.

New Trustees appointed to ASRS Board

Eight 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.

Ruling changes ASRS compensation definition regarding employer-paid deferred comp payments

On 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.

ASRS Legislative News

The 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.

Contribution Rates to remain stable

After 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.

New administrator selected to oversee ASRS LTD program

Broadspire 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.

Power disruption affected some services Monday

An interruption in electrical power Monday afternoon to the ASRS building at 3300 N. Central Ave. in Phoenix caused disruptions in some services, including the ASRS Call Center and access to the secure member website The disruption began around 3 p.m. Monday and most all systems were restored by 1 a.m. The ASRS apologizes for any inconvenience to those who may have tried to call Monday afternoon or access certain applications on the secure website.

ASRS Retiree Open Enrollment for 2018 Plan Year

Open Enrollment for ASRS retiree group health insurance start Wed, Nov 1st and runs through Thur, Nov 30th, with plan benefits beginning on Jan 1, 2018. This year will be a PASSIVE enrollment, meaning if you are happy with your current plans and coverages, NO ACTION IS REQUIRED. Your current selections will roll over into the 2018 benefit year.

Why Do I Need Savings If I Have a Pension?

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.

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