Arizona public safety retirement system drop program

Changes are coming to the member retirement application process and a new state law will soon require training for local board members appointed or elected as of January 1, PSPRS is temporarily suspending in-person consultations and limiting public access to the office building; all benefits and services will continue without interruption.

Here's how to reach the different departments of the agency. Public Safety Personnel Retirement System. Tobin also addressed the legislative panel. He said the dot-com crash in and the real-estate crash in severely affected the PSPRS trust. He also explained that a now-eliminated program called a permanent benefit increase also hurt the system.

Paul Matson, chief executive of the ASRS since , said in an earlier interview that the ASRS, the much larger pension system, never implemented DROP because it would have significantly increased trust payments for members and their government employers.

The pension system for teachers and state and local government employees has a funded ratio of 76 percent, meaning it has about three-fourths of the money it needs to pay all current and future liabilities.

A public pension plan is considered healthy when the funded-ratio is at about 80 percent because it requires less payments from employees and employers. The funded ratio is 47 percent for police officers and firefighters, 39 percent for elected officials and 59 percent for correctional officers. The poor financial health of the PSPRS has required government employers to make ever-larger contributions to the system on behalf of employees.

Some communities like Prescott and Bisbee have considered filing for bankruptcy protection because their PSPRS payments for police officers and firefighters consume significant chunks of their general-fund budgets.

Reach the reporter at craig. A push to alter pensions by amending state Constitution. Study: AZ pension fund among worst performers. If you have any previously taxed monies, those funds will be issued to you in the same manner as your monthly retirement payment either direct deposit or check. PSPRS does not endorse any fee-based asset management services for our members. Additionally, members may always choose their own financial and investment counseling.

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