The proposed bill would amend several sections of the Arizona Revised Statutes related to public retirement systems, specifically 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 CORP members who are reemployed as contracted or leased employees before six months post-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.

Further changes include allowing the PSPRS Board to invest in stocks acquired through commingled investments and expanding the definition of eligible groups for supplemental defined contribution plans to include term-limited state elected officials and certain exempt state employees. The bill also specifies that EODCRS members who develop total disabilities may receive benefits from the EODCRS Disability Program, and it makes various technical adjustments to existing statutes. Overall, these amendments aim to modernize the administration of retirement systems and clarify the rules surrounding reemployment and investment practices.

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
Chaptered 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