I hope this update finds all of our ATRS members and their families safe and healthy during the current public health crisis. The health and well-being of our members and employees is of the utmost importance. Therefore, all group workshops are currently canceled or postponed, our office is closed to the public until further notice, in-person individual benefit planning sessions have been rescheduled as telephone sessions, we have increased the frequency of cleaning and sanitizing in the ATRS building, we are assessing the health and family needs of all ATRS employees and are transitioning them to remote work on an as-needed basis.
Concern continues to grow across the nation about the spread of COVID-19 and the impact it is having on personal safety and the financial markets. I want to emphasize to all ATRS members that your retirement benefits remain secure.
The primary function of ATRS is to pay 50,000 plus retirees their benefits each month. We have developed procedures to run our monthly payroll from outside the office. The remote processing of March payroll has just been completed. Direct deposits and checks are on schedule for March 27, 2020.
Global stock markets recently experienced a significant decline due to fears over COVID-19. It is possible that markets could continue to decline as the ultimate impact of the virus is determined.
The ATRS investment portfolio also experienced recent declines with the stock market correction. However, it is important to note that the ATRS portfolio is well diversified across multiple asset classes and designed to weather stock market volatility.
As the latest crisis continues to unfold, ATRS is mindful of the volatility within the markets and in communication with various market participants to evaluate developments. It is likely that until there is more clarity, there will be more volatile times ahead. However, the primary mission and focus of ATRS is to remain actuarially sound and pay member benefits by investing ATRS assets in a manner to earn the 7.5% actuarial assumed rate of return over a long-term horizon.
We want to emphasize to all our members that your ATRS benefits are secure. ATRS is a long-term investor and the ATRS Board has structured a well-diversified investment portfolio with the ability to withstand market volatility. The ATRS Board remains committed to managing the System’s assets in a prudent manner that will ensure the viability of your pension. The ATRS Board makes decisions in terms of decades, not days, weeks, or months.
Stay in Touch with ATRS and View YOUR Account Information
The ATRS website allows members to have direct access to specific member account information. Now, approximately 21,000 members have direct account access to individualized account information. Here is the link to the instructions to sign up: www.artrs.gov/registration.
You can also sign up to obtain these executive director updates through your private email address. Updates are made throughout the year such as at retirement season and other times when information needs to be shared. Now, over 23,000 people have signed up to receive this executive director update by direct email delivery. It is always a great pleasure for ATRS staff to learn of more ways to provide information to ATRS members, employers, beneficiaries, government officials, and the public. The ATRS Board is committed to providing a system that is member friendly and transparent. Remember that ATRS is here to serve you.
Best regards,
Clint Rhoden
Executive Director ATRS
Office: (501) 588-4367
Mobile: (501) 291-1623
clintr@artrs.gov