An Overview Of The Arizona State Retirement System

The public pensions of many people are administered by the Arizona State Retirement System. This system has many active members; while some are recent retirees. The membership of both active members and retirees continue to grow rapidly. In order to cope with the rising number of Baby Boomers who are approaching their retirement and the increasing burden placed on the Arizona State Retirement System, various ways have been looked into improving the current services. Some of these improvements have come about through legislative and policy changes, rationalization of services offered and improvements in the workflow in the entire process ranging from admitting new members right through to dispensing benefits.

The Arizona State Retirement System Distributes Retirement Benefits

The key service offered by the Arizona State Retirement System is to distribute retirement benefits. It also takes some responsibility to provide custodial services like the management of wills and the monitoring of members' health insurance plans as part of an overall account management service for members. People who continue to work beyond the normal retirement age will have a lot more retirement funds built up. More of this can then be dispensed by the Arizona State Retirement System when you eventually decide to retire. For those who choose to retire early, their meager retirement funds may seriously affect the quality of their golden years, since they will have fewer benefits to access.

The regular retirement age under the Arizona State Retirement System is sixty-five years; or sixty-two years and ten or more years of credited service; or a combination of years with credited service and age that maxes out at 80 points. People who are at least fifty years old and considering retirement and have another minimum of five years of credited service may be able to retire at regular retirement age.

Under the Arizona State Retirement System, there is a provision for a person to retire beyond his or her normal retirement date. If a person does delay his retirement, he may qualify for additional retirement benefits under the Arizona State Retirement System. This benefit garnishment can be up to two percent of the average monthly salary for each year beyond the regular retirement date.

To access the benefits provided for by the Arizona State Retirement System, some level of planning is required. Six months prior to your planned retirement, you should obtain a benefits estimate from the Arizona State Retirement System. You can use this information to decide how you will live out your retirement years based on the expected retirement benefits you will collect in the system. Three months before your actual retirement, you should send in an application form stating the following details: mailing address, retirement date, benefit options and beneficiaries to the Arizona State Retirement System. As soon as you leave your employer, you may be entitled to the benefits covered by the Arizona State Retirement System.

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