Your Benefits As An ASRS Member (Rev. Oct 2019)


Hey Rhonda, What is this “ASRS Withholding” out of my
paycheck? Oh, that’s your ASRS member contribution What! Bah humbug Do you know your benefits as an ASRS member? Not really Here, let me show you (snaps fingers) As a member of the ASRS you are “vested” From your very first contribution What’s in it for me? The value of your defined benefit plan Is retirement security Did you know that you’re saving for retirement
right now? As you saw Retirement contributions are being deducted
from your paycheck each pay period You are contributing a percentage of your
salary And your employer is making contributions
to your account too So what’s the pay off? A guaranteed life-long pension benefit That is being invested on your behalf Most people only wish they had a guaranteed
income for life Your membership also offers you a survivor
benefit If you pass away before retiring Your beneficiary is entitled to your account
balance Which is made up of Your contributions, your employer contributions, plus any interest earned and any service purchase payments you have
made If you become unable to perform your job duties Due to an illness, injury or other disability LTD is an income replacement program that may pay up to 66 and two thirds of your
average compensation Medical and dental plans are offered to you
when you retire Having 5 years of service makes you eligible For a health insurance premium benefit supplement That helps reduce the cost To qualify you must be insured with the ASRS Or your ASRS employer If you worked in the public sector You may be eligible to purchase credited service Which can help you retire sooner Your money matters Track your contributions Most importantly, if you haven’t registered
online Do it now You will have access to your account information And can watch your benefit grow You can also make online updates To your personal information This will ensure that you’ll always receive
our online newsletters And publications that contain important news It’s never too early to plan for your retirement In-person group meetings Online video tutorials and online webinars Are part of the commitments to provide you The information and support you need Whether you are new to the ASRS or closing
in on retirement There is a learning opportunity to provide
you with The information that you need, when you need
it The value of your ASRS lifetime benefits Are hard to find in today’s marketplace Your reward at the end of your road to retirement Will be a guaranteed pension for the rest
of your life And that’s quite a benefit It seems like a lot, huh? On second thought, it’s worth it

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