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The Arizona State Retirement System (ASRS)
is appropriately managing approximately $22 billion in assets, but should adopt
policies and procedures for its expanded real estate investment program. ASRS
could improve the timeliness of its new retiree and refund payments, as well as
the initial accuracy of the new retiree payments. Additionally, while ASRS has
hired additional staff to improve its call center’s performance, it should
monitor this area and redeploy staff to other areas, as appropriate. ASRS is
also studying ways to ensure that liabilities and assets in its first retirement
program, the “System,” are appropriately balanced.
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