Arizona State Retirement System

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.