In response to an issue raised by an ASURA member last week, Jan Thompson, ASURA President, asked Dick Jacob, ASURA's ASRS Liaison, to write an explanation of the policy at issue. Dick's piece was then slightly amended by Paul Matson, ASRS director, so it's current official ASRS policy.  If you have questions or need clarification please contact ASRS.

Barry McNeill, E-News Editor

ASRS RETIREES WITH DECEASED BENEFICIARIES

If you are an Arizona State Retirement System (ASRS) retiree who chose what is referred to as a “Joint and Survivor” pension option that provided your beneficiary (spouse or some other person) with a pension after your death, and if that beneficiary precedes you in death, you may find it advantageous to take one of the following actions:

1. Choose to ‘rescind’ the elected Joint and Survivor option in favor of the Straight Life Annuity option, which would likely increase your monthly pension. Or
2. Name another beneficiary under the elected Joint and Survivor option.

It is important to note that it is up to you - as the member - to notify ASRS in writing of the death of your beneficiary and to make one of the amendments above. By State statute, no retroactive increases to your monthly pension benefits can be made to you if you delay this process.