The proposed bill would amend several sections of the Arizona Revised Statutes related to public retirement systems, specifically targeting the Public Safety Personnel Retirement System (PSPRS) and the Elected Officials' Retirement Plan (EORP). Key updates include the introduction of new provisions that impose pension payment limitations on retired PSPRS and Corrections Officer Retirement Plan (CORP) members who are reemployed as contracted or leased employees within six months of retirement. The bill clarifies that during such reemployment, employee contributions will not be made, service will not be credited, and the employer must pay an alternate contribution rate. Additionally, it removes the previous requirement that reemployment in the same position triggers these limitations.

Furthermore, the bill expands the definition of eligible groups for participation in supplemental defined contribution plans to include term-limited state elected officials and exempt state officers who opted into the defined contribution retirement plan established in 1999. It also allows the PSPRS Board to invest in stocks acquired through commingled investments, enhancing investment flexibility. Other technical changes are made to ensure clarity and compliance with the updated provisions. Overall, these amendments aim to modernize the administration of retirement systems while maintaining the integrity of benefits for members.

Statutes affected:
Introduced Version: 38-833, 38-848, 38-849, 38-951, 38-727, 41-1750, 92-544, 38-295, 38-848.03, 35-154, 41-4401, 38-611, 44-1801, 13-713, 38-846.02, 38-843.05, 38-850, 38-844, 44-1201
House Engrossed Version: 38-833, 38-848, 38-849, 38-884, 38-951, 38-727, 41-1750, 92-544, 38-295, 38-848.03, 35-154, 41-4401, 38-611, 44-1801, 13-713, 38-846.02, 38-843.05, 38-850, 38-844, 44-1201, 41-1822, 38-891, 38-921, 38-922, 38-899