Arizona State Retirement System

What Arizona State Retirement System does

Arizona State Retirement System (ASRS) is a state-government pension trust established in 1953 that administers a tax-qualified 401(a) cost-sharing Defined Benefit Plan for Arizona public servants, along with a Long Term Disability Income Plan, a retiree health insurance program, and supplemental savings options. The system serves more than 650,000 members — including more than 175,000 retired benefit recipients — through approximately 700 employer partners covering nearly all Arizona education and governmental entities, with mandatory enrollment upon qualifying employment. Member and employer contributions are split equally; the FY 2025-26 total rate is 12.00% of gross pay each side (11.86% pension plus 0.14% LTD), and rates are adjusted annually based on actuarial determination.

The technology surface centers on the myASRS secure member portal, which provides 24/7 self-service for account balances, benefit estimation via an online calculator, retirement applications, beneficiary management, tax withholdings, and secure messaging. Identity verification is handled through ID.me under federal consumer authentication standards, and LTD claim management is delivered through a Broadspire-operated portal. Retirement income is computed from a formula based on service credit, average monthly compensation, and a graded multiplier, with multiple annuity options (including Joint and Survivor) and survivor benefits equal to double contributions plus interest for pre-retirement deaths. Member education is delivered via webinars, group meetings (including in-person sessions at the Phoenix headquarters), and social channels.

ASRS generates no commercial revenue; the trust is funded through cost-sharing contributions from active members and participating employers, plus investment returns on a portfolio that includes disclosed public-equity positions (e.g., Visa above $170 million; Thermo Fisher $62 million; RTX $69.76 million; NextEra $47.26 million; plus Duke Energy, Southern Company, and Marsh & McLennan each above $25 million) and alternative investments such as the 2018 acquisition of Mill Creek Residential Trust and a pre-IPO investment in Cartiga LLC. Distribution of supplemental products — Nationwide-administered 457(b) and 403(b) savings plans, UnitedHealthcare retiree medical, Delta Dental PPO plans, and Cigna Dental DHMO — is exclusive to ASRS members via carrier partnerships.

Name

Arizona State Retirement System

Legal name

Arizona State Retirement System

Website

https://azasrs.gov

Company type

Public

Founded year

1953

Operating status

Operating

Headcount range

251–500 employees

Short description

ASRS is an Arizona state-government pension trust, established in 1953, that administers a defined-benefit retirement plan, long-term disability coverage, retiree health insurance, and supplemental savings for more than 650,000 Arizona public-sector members across 700+ governmental and education employers.

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110), Health and Welfare Funds (525120)

SIC

Hospital & Medical Service Plans (6324)

akta.pro primary industry

Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK)

akta.pro secondary industries

Benefits Administration (BPACAPAC), Healthcare-Linked Social Benefits Administration (e.g., Medicaid/Means-Tested Health Coverage) (BPAIAKAH), Group Disability Income Insurance (Employer-Sponsored) (FSAIAIAB), Eligibility, Enrollment & Benefits Administration (HLAEALAH)

Keywords

• Public pension plan
• Defined benefit retirement
• Government retirement system
• Long term disability
• Retiree health insurance

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Member and Employer Contributions: ASRS operates as a cost-sharing defined benefit plan where both members and employers contribute equally. Contribution rates are actuarially determined and adjusted annually. FY 2025-26 rates: 11.86% pension/health insurance + 0.14% LTD for total of 12.00% each from employee and employer. The plan is tax-qualified under section 401(a) of the Internal Revenue Code.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Arizona State Retirement System is a state agency that administers a defined benefit pension plan, a long term disability income plan, and retiree group health and dental insurance plans for Arizona's public servants. It collects equal member and employer contributions, invests the pool, and pays lifetime monthly retirement benefits plus disability and survivor benefits to more than 650,000 members through its myASRS portal and employer payroll integrations.

Product overview

Arizona State Retirement System operates a comprehensive retirement benefits platform consisting of a Defined Benefit Plan as the core product, supplemented by Long Term Disability Income Plan, Retiree Health Insurance Program (offering Medicare and non-Medicare medical plans through UnitedHealthcare, plus dental through Delta Dental and Cigna), and Supplemental Savings Plans (457(b) and 403(b) administered by Nationwide). The system also provides Survivor Benefits and member-facing tools including online benefit estimators and a Service Purchase Program. The platform serves over 650,000 members including more than 175,000 retired members through the myASRS secure portal.

Differentiator

Problem solved

Functional benefit

Products and services

• ASRS Defined Benefit Plan
• Long Term Disability Income Plan
• ASRS Retiree Health Insurance Program
• Supplemental Savings Plans (457(b) and 403(b))
• Survivor Benefits
• Service Purchase Program

Quantifiable outcome

• Average ASRS benefit payment for retirees with 20+ years of service is approximately $1,700/month
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• Nationwide Retirement SolutionscoreImplementation/ SI/ Consulting PartnerNationwide manages supplemental savings plans (457(b) and 403(b)) for ASRS members, providing high-quality, low-fee investment options. Plans are overseen by ASRS and available to members based on employer type. Nationwide provides professional customer service and financial planning services.
• ID.mecoreTechnology or IntegrationID.me provides digital identity verification wallet meeting federal standards for consumer authentication. Required for secure myASRS account access. ASRS transitioned from previous login process to ID.me for enhanced security. Verified identity accounts allow single login to access both ASRS and other government services.
• Broadspire Services, Inc.coreTechnology or IntegrationASRS contracted with Broadspire for administration of the Long Term Disability Income Plan. Broadspire provides claim management services, a member portal for 24/7 status updates, direct deposit setup, and tax withholding management for LTD benefits.
• UnitedHealthcarecoreChannel Partner/ Reseller/ DistributorUnitedHealthcare is the sole carrier for ASRS retiree health insurance plans. Offers Group Medicare Advantage HMO and PPO plans, and Non-Medicare Choice Premier, Value, and Economy plans. Mayo Clinic Arizona has special arrangement for ASRS/PSPRS members under UnitedHealthcare Group Medicare Advantage PPO.
• Delta Dental of ArizonacoreChannel Partner/ Reseller/ DistributorDelta Dental provides dental PPO plans for ASRS retirees including High and Low Plan options. More than 3,700 network dentists in Arizona and 150,000 network dentists nationwide.
• Cigna DentalcoreChannel Partner/ Reseller/ DistributorCigna provides Dental Health Maintenance Organization (DHMO) plan for ASRS retirees through Cigna Dental Care Access Plus Network. Features no deductibles or annual dollar limits with fixed copays.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Others

• Nationwide Retirement Solutions: Nationwide Retirement Solutions is ASRS's partner administering supplemental 457(b)/403(b) savings plans. Relevant as a peer due to its deep involvement in the public sector retirement savings space and direct partnership with ASRS.

Broad incumbents

• Empower Retirement: Empower is a major national retirement plan administrator providing recordkeeping, 401(k)/403(b)/457 products, and pension administration. Comparable to ASRS as a complementary retirement services provider, particularly for supplemental savings products offered to public sector employees.
• TIAA: TIAA is a national financial services organization serving academic, governmental, and nonprofit employees with retirement plans and supplemental savings. Comparable to ASRS in serving similar member demographics and offering 403(b)/457(b) products, though it operates across multiple states as a national provider.

Direct peers

• State Teachers Retirement System of Ohio: STRS Ohio provides pension, disability, and health benefits to Ohio teachers and public employees. Comparable to ASRS in mandatory participation, DB pension structure, and education-sector heavy membership base.
• Florida Retirement System: FRS administers pension benefits for Florida state and local public employees. Directly comparable as a state-mandated DB pension system with similar member composition (teachers, government workers) and benefit offerings to ASRS.
• Texas Teacher Retirement System: TRS of Texas administers pension and health benefits for Texas public educators and employees. Comparable to ASRS in serving state public servants with DB pension, retiree health insurance, and supplemental savings products.
• New York State Common Retirement Fund: New York State Common Retirement Fund is one of the largest U.S. public pension pools, serving NY public employees with DB pension benefits. Comparable to ASRS as a state-level mandatory public sector retirement system.
• California Public Employees' Retirement System: CalPERS is the largest U.S. public pension fund, administering defined benefit pensions and health benefits for California public employees. Directly comparable as a state-level mandatory public sector retirement system with DB plan, health, and supplemental offerings similar to ASRS.
• Public Employees Retirement Association of New Mexico: PERA NM administers pensions and benefits for New Mexico public employees. Closely comparable regional peer as a smaller-state mandatory public sector DB pension system with similar benefit offerings.
• California State Teachers' Retirement System: CalSTRS administers the teacher pension system for California, providing DB retirement, disability, and survivor benefits. Directly comparable to ASRS as a state-mandated public sector pension with similar benefit structure and member base composition (educators).

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/c/AzasrsGov
• Facebookfacebook.com/azasrs
• LinkedInlinkedin.com/company/asrs
• Xx.com/azasrs

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arizona State Retirement System