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Arizona State Retirement System: Everything You Should Know In 2022

Arizona State Retirement System
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Want to learn about Arizona State Retirement System? You’re at the right place. This article features all you need to know about the State retirement system. Read on!

For more than 50 years, the Arizona State Retirement System (ASRS) has continuously provided secured retirement fund to Arizona’s civil servants. This include; municipal workers, teachers and other government employees.

The System (ASRS) proudly serves more than a 500,000 members, this include more than 100,000 retired members.

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The Arizona State Retirement System Website

The State Retirement System (ASRS) is equipped with a website which allows its members to calculate their benefits, view payment history and directly update tax and direct deposit elections into their myArizona State Retirement System (ASRS) account!

Other features of the official website includes:

  • View benefit details, get information online about an estimate of your remaining survivor benefits
  • View your beneficiary(ies) and update as pleased (for those retired employees with straight life annuity or term certain options)
  • View details about your health insurance coverage (for those with ASRS coverage)
  • Enroll in the ASRS medical or dental group retiree health plan
  • View and download Benefit Verification Letters
  • View and update your personal contact information
  • Easily view your payment history without stress
  • View and download your monthly payment advices
  • View and download your most recent 1099R
  • Update your tax elections
  • Update your direct deposit account
  • Check if you are qualified to apply for the “Return To Work after retirement” online.

The Arizona State Retirement System Benefit Card

The ASRS issues a debit card to its members, the debit card allows the direct deposit of retirement funds onto the card for retirees who do not have a traditional bank account or do not want their money to be paid into an existing bank account for one reason or the other.

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The card is issued by Comerica Bank and managed by Way2Go Card, it is paramount to note that the card serves the purpose of a debit card and not a credit card.

The Arizona State Retirement System (ASRS) retiree debit card account is insured by the Federal Deposit Insurance Corporation and follows all Rules & Regulation of E requirements for consumer protection.

The debit card owner has access to their funds 24/7, he/she can make any web purchase since Visa debit cards are accepted everywhere, Including Withdrawal from ATMs and POS terminals, as well as over-the-counter cash access through Commercial Bank tellers, or other Visa bank or credit union location.

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Is Arizona State Retirement System A Lifetime Benefit?

Your ASRS pension provides guaranteed benefit that will last for a lifetime, this benefit is based on your years of service and final salary received.

You have a contractual relationship with the Arizona State Retirement System which is protected by the Arizona constitution. Your benefit does not get “expired” and cannot be reduced.

The Arizona State Retirement System Contact Details

You can reach the ASRS during available business hours through the following phone numbers:

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602-240-2000 (within metropolitan Phoenix)

520-239-3100 (within metropolitan Tucson)

800-621-3778 (outside the Tucson and Phoenix areas)

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To report any suspicious act, kindly leave a message on the ASRS Fraud Hotline at 602-240-5360.

Conclusion

To process your retirement in Arizona can take up 2 – 3 months. To make it easy for employees to transit from regular employment to retirement, the Arizona State Retirement System (ASRS) issues up to 3 estimated payments to qualified members during this process.

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