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ASRS to Issue Permanent Benefit Increases to Qualified Retirees

The Arizona State Retirement System Board of Trustees announced Friday, November 12, 2021, that qualified retirees will receive a Permanent Benefit Increase (PBI) to their monthly annuities, beginning with their July 2022 benefits check.

Social Security: More Than Just Retirement Benefits!

How much do you know about Social Security? Regardless of your age, it’s good to have a foundational knowledge of what it is and what it provides – including disability benefits, survivor benefits and, of course, retirement benefits. In fact, Social Security is a fundamental part of your retirement plan! The ASRS is meant to be only one part of your financial retirement picture, with Social Security and personal savings making up the rest.

Who Gets Your Money?

Currently, the ASRS has over 620K members who are either receiving benefits as a retiree or have money on account as an active or inactive member. With that many members, there are a few situations we see all too often. One of those situations is being contacted by the family member of a deceased ASRS member trying to figure out how to manage the now-deceased member’s ASRS account. In the process of helping one recent such case, it was discovered that the deceased member had never registered their myASRS account and didn’t have any beneficiaries listed with the ASRS.

Working After Retirement

Retirement doesn’t always mean not working. And returning to work doesn’t necessarily mean you have to pause receiving your pension – you just need to be aware of the rules regarding your ASRS pension benefit and returning to work.

Getting the Most From Your MyASRS Secure Account

Your secure myASRS account is an important tool both before and after retirement. After you retire, it’s important to stay active in your account; here is a brief overview of all the capabilities you have within your myASRS account as a retiree.

The Retirement System Equation

A formula that is very important at the ASRS, but one that most of us would not learn about outside of retirement fund management: 

C + I = B + E

Contributions plus Income equals Benefits plus Expenses. This is the essence of how your retirement system is funded! A description of these four factors:

A Service Purchase Overview: Types & Price

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.

New Fiscal Year and Contribution Rates

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

Leaving The ASRS and Cash Refunds: An Example

In this infographic, we look at an example of an ASRS member with an estimated refund of $10,000 to see how taxes apply, what penalties may be assessed, and what the estimated remaining cash amount could be. (Along with options available to avoid those penalties and taxes.)

Nearing the Retirement Finish Line?

A look at "Route 4: Next Exit Retirement" - the final session of our four-part educational series, geared towards members thinking of retiring within 6 months. 

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