To all ASRS Retirees: Periodic pension payments will be subject to federal income tax withholding if the taxable portion of the total annual payments equals or exceeds $ 20,640 ($1,720 per month) unless you elect not to have withholding apply.
It’s almost tax time and retrieving your payment summary is virtually effortless on the ASRS website! Did you know you can find, read and print your monthly summaries on demand from your secure myASRS account?
At its December 4 meeting, the ASRS Board of Trustees accepted valuations for the various ASRS program plans and approved new contribution rates for the Defined Benefit Plan for fiscal year 2016-17, which take effect July 1, 2016.
Despite a down year of market returns, the total contribution rate for the defined benefit plan, health insurance supplement and long term disability plan will be 11.48 percent for both employer and employee, up just slightly from the current rate of 11.47 percent.
The ASRS has been awarded the Public Pension Standards Award for 2015 from the Public Pension Coordinating Council. The award recognizes the ASRS for “meeting professional standards for plan funding and administration.”
The standards as set forth by the PPCC cover such areas as benefits, funded status, plan valuation, investment policies and member communications. It is the 11th consecutive year the ASRS has received this prestigious award.
An ASRS Funding Policy, a formal document outlining the strategies and goals for assuring the long-term sustainability of the ASRS plans, is now available for review under the ASRS Policies page on our website.
The six-page document outlines the formal methodology for financing the pension, health insurance and long-term disability plan obligations. Each plan is sustainable with current assets, plus future contributions from employees and employers, plus investment earnings.
The state Office of the Auditor General recently conducted a Performance Audit and Sunset Review of the Arizona State Retirement System (ASRS), a review that takes place every 10 years for state agencies. These audits are designed to determine whether an agency is achieving the objectives established by the Legislature and whether it is managing its resources in an effective, economical, and efficient manner. The report states although the ASRS plan is not fully funded, steps have been taken to improve its long-term sustainability.The report also noted that the ASRS serves an important function in Arizona. The full report, a summary report and the ASRS response are all available for public review on the Office of the Auditor General’s website – www.azauditor.gov
The ASRS conducts educational meetings for its members which are facilitated by ASRS staff. Be advised that private companies and/or financial planners may also publicize their own meetings about retirement preparation, the ASRS and/or Social Security. The ASRS is NOT affiliated with any such meetings and is not responsible for these private solicitations. The ASRS does not make its members' personal information available to private organizations and we strongly caution all members and retirees against providing personal information to persons or organizations unknown to you.
