The Arizona State Retirement System (ASRS) has been recognized for its exceptional service and cost-efficiency in a recent study comparing it with other pension plans internationally. This notable achievement highlights the organization's commitment to excellence and strategic planning in meeting the needs of its members at an economical price point.
According to the ASRS's website, the organization managed to significantly outperform its peers by providing high-quality services while keeping costs remarkably low. The ASRS's service score was a stellar 91 out of a possible 100, outstripping the peer average of 79 and the global average of 77. When it comes to costs, the ASRS efficiently operates at just $68 per member, which stands in sharp contrast to the $116 peer average and $136 global figure.
Benchmarking firm CEM Benchmarking, renowned for analyzing pension data from public pension systems both domestically and worldwide, stood as the conductor of the study. Evaluating the ASRS against similarly sized plans and a broader international spectrum, the results showcase a pension system that not only promises but delivers on its commitment to service and fiscal prudence.
The Executive Director of ASRS, Paul Matson, stated on the Arizona State Retirement System's official website, "Top-level service with an extremely low cost structure are strategic initiatives for us. We are so very proud of achieving these benchmarks." Service elements factored into the study included metrics such as turnaround times for member requests, a breadth of available services, website functionality, timely monthly retirement check deposits, and call center performance among others.
Representing employees from various public sectors, including school districts, charter schools, and municipalities, the ASRS is a vital state agency that manages a range of benefits. These include a core pension plan, disability plans, post-retirement health insurance programs, and additional savings plans. With a team of roughly 220 people, the ASRS deftly administers around $55 billion in investments, underscoring its role as a financial steward for its members.
