Greater Phoenix Tea Party Patriots

Patriot Groups throughout the Maricopa and North Pinal County area.

Arizona State Employees rescue the State of Arizona from financial collapse:

Just a thought: what if ASRS (Arizona State Retirement System) loaned Arizona the money it needs with interest to assure we do not default? Would it be in the best interest of ASRS employees and retirees and or the general populous of Arizona? Or would it be better for the State to default?

ASRS has the money: would withdrawing a billion or two from investments hurt the market, the US economy?

Whose fault is it that the Legislator’s can’t address the States budget issues: the voters for passing constitutional amendments – resolutions; the Democrats under Napolitano that overspent by 60% rather then the normal 30%; the voting public asleep at the wheel; the Republicans over zealousness to reduce, reduce, reduce; term limits?

The vast majority of State employees are participants in the ASRS plan where they will receive a reasonable retirement for services rendered. They pay in more and receive less compared to the other 3 pension plans. Judge for yourself by reviewing the following links. Remember, ASRS employees receive less to equal retirement pensions compared to the private sector, union or non-union. The other three plans are out of control. 

Take note of legislation enacted to address ASRS fund issues over the past 8 years.

ASRS Information on Republic Series
(Arizona State Retirement System)

Understanding Arizona’s Public Employee Retirement Plans
(Arizona Chamber Foundation)

Posted: Sunday, November 14, 2010
Updated: Monday, November 22, 2010
The Arizona State Retirement System and other Arizona public pension plans were the subject of a series of articles in The Arizona Republic newspaper November 14-20, 2010.
The ASRS would like to provide the following additional information on the various issues raised.

AP analysis: Economic stress falls to 18-month low (AP) – Dec 13, 2010

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Comment by JPD on January 22, 2011 at 1:01pm
Beginning to sound like a good idea.

Comment by JPD on January 8, 2011 at 8:42am
In the Understanding Arizona’s Public Employee Retirement Plans link ABOVE; section: Years of Credited Service*Benefit Multiplier*Average Salary (copied below). The amount of contribution the employee makes is misstated as $32,717.

Based on the numbers used for the example the employee would actually contribute $82,000 rather than the stated $32,717 over a 20 year period.

Possible the author confused the ASRS plan with the Public Safety Personnel Retirement System (PSPRS), the Correction Officers Retirement Program (CORP), and the Elected Officials Retirement Program (EORP), as all three contribute much less and initiate full pensions at a much younger age or length of service imposing a much higher burden on tax payers. This is evident in the links provided above.

The ASRS employee contribution rate for plan year 2009-2010 is 9.6% of gross pay. That will increase to 10.5% July 1, 2011 per legislation requested by ASRS and passed last year. ASRS has consistently adjusted contributions rates as well as altered qualifies for pensions over the past few years – view the history of legislation for ASRS as linked above.

In the following article it states "Since that time, however, asset growth has been unable to keep pace with the liability growth caused by a number of factors, including an expanding government workforce, rising salaries and legislative action that increased benefit levels," This is in reference to legislation on behalf of the other three state pension plans, not ASRS. Remember the DROP program, the program ASRS refused to administer when approached to do so stating it was not sustainable – Craig Harris, the Arizona Republic, stated this in his 8 day Pension series.

This article also states: “A 2010 report by the nonprofit Pew Charitable Trusts hailed Arizona as "a national leader in managing its long-term liabilities for both pensions and retiree health care and other benefits." Pew labeled ASRS (not the other three) as a "solid performer," one of 16 plans to receive that distinction.

Just for fun.
ASRS “Retirement Benefit Estimator” you can obtain the retirement benefit.
NOTE: this estimator only applies to ASRS participants.
Name: leave blank
Date of birth: 01-01-1960
Retirement date: 07-01-2025

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