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How Well Do You Know Your Pension?

Pensions are not as common as they used to be, which can lead to not fully understanding what you’re a part of, how it benefits you, and how to best take advantage of the benefits available to you. To further that understanding, let’s take a look at what the Arizona State Retirement System is, and what it isn’t.

A Look at the ASRS Approach to Business

Here at your ASRS we generally agree with the adage that “What gets measured gets managed.” As a result, we measure and analyze an array of activities that fall into the following general categories: investment performance, member satisfaction, service standards & cost structure, and staff engagement, to ensure top tier performance. When there is not top tier performance – we take positive and supportive action.

ASRS Board of Trustees

The Arizona State Retirement System is governed by a nine-member Board of Trustees, appointed by the Governor and confirmed by the state Senate.

The Board acts as a fiduciary of the ASRS trust fund with powers and duties outlined in state statute.

An Alternative Savings Plan for ASRS Members

In addition to your pension, long-term disability and retiree health insurance benefits, the ASRS offers another program many of our active members find to be of value – the ASRS Supplemental Savings Deferral Plan – or SSDP for short.

A Summary of Recent ASRS Legislation

The 54th Legislature, First Regular Session adjourned sine die on May 28, 2019 and the general effective date for legislation that was passed and signed by the Governor is August 27, 2019.  The legislature passed two bills that have a relatively minor impact on members and retirees. Below is a brief summary. You can also find more detailed information about these bills and other retirement-related bills in the 2019 Legislative Summary book at AzASRS.gov, on the Legislation page under the About Us tab.

ASRS Member Tool Kit: A New Web Page

The ASRS website has many helpful resources to assist members on their road to retirement. To help streamline the member experience, we’ve created the one-page Member Tool Kit. The Member Tool Kit puts all of our digital tools, such as calculators and estimators into one place, and organizes them into Member Resources or Retirement Planning tools. 

Understanding Your Future Benefit

While the ASRS offers a variety of benefits for members, our primary focus is providing members with a retirement benefit. There are a few different ways you can choose to receive that benefit once you've hit retirement eligibility - those choices are called your retirement annuity options. While it can seem overwhelming at first glance, our options fall into three distinct categories, each helping to accomplish different retirement goals. To help narrow down your choices, just ask yourself which of these three phrases best fits what you would like to accomplish in retirement:

You Submitted Your Retirement Application. Now What?

What happens after you hit “submit” on your retirement application? We input the application information into our system, validate the application for compliance, and place your application in a hold queue (if we require additional information before calculating your benefit) or a processing queue (if no further information is needed to proceed). It’s important to remember that while the ASRS may receive your retirement application in advance of your retirement date, we will not be able to begin any retirement calculations until your retirement date has occurred.

Preparing to Retire: Are you ready? Let's find out!

Getting ready to retire is a big step! It means closing one chapter and beginning another. To make sure you’re as prepared and informed as possible before you hit ‘submit’ on your retirement application, make sure you’ve considered the following questions;

New Contribution Rates take effect July 1

ASRS active members and employers will see a slight increase in the total contribution rate they pay in the upcoming fiscal year beginning July 1.

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